At least 20 local entrepreneurs now have the tools and knowledge to help reduce their recovery time and costs after a major hurricane.
Business owners and representatives attending the Investment Bureau’s Disaster Preparedness workshop on 13-14 September each received a free guide and workbook with essential checklists and sample emergency and recovery plans, states a press release.
The guide and workbook was developed specifically for the Bureau’s workshop. With it, Cayman entrepreneurs can create their own customized recovery plans based on their company’s size and specific needs. Pre-storm checklists are provided in the guide to help ensure that all bases are covered for a swift recuperation before a storm even strikes. Checklists include critical business functions and staff, vital documents and equipment to be preserved, key supplier/vendor information, emergency contact lists and communications needs in order to continue in operation.
Conducting the workshops were visiting experts Tony Houad and Ken Downing of Insight Management Solutions out of Canada. Their presentation stressed the importance of developing continuity plans that address the three phases of business continuity – prior to the event, during the event, and recovery/remediation after the event. They also held private counseling sessions for entrepreneurs seeking specific guidance.
‘One of the immediate needs for businesses in Cayman is to take a good hard look at the types of risks their individual operations are facing,’ Mr. Houad said. ‘They should immediately determine where they’re most vulnerable and what types of issues they need to focus on the most. That’s why we recommend using the risk management concepts for business continuity, to help put back-up plans in place.’
Another essential need expressed by workshop participants, Mr. Downing said, is more clarity in the language used in some insurance policies. ‘Apart from our recommendation for businesses to liaise with their insurance professionals to review their coverage frequently, it is also necessary that insurance companies ensure that policies are phrased in a plain-speak way,’ he said. ‘Our understanding from some attendees was that some insurance companies are starting to do that, but not all.’
The CIIB holds regular workshops on essential topics to help small businesses with the necessary internal improvements for professional growth and development. Executive Director Dr. Dax Basdeo, said, ‘It is the Bureau’s goal to ensure that Cayman’s entrepreneurs have the necessary resources available to them in order to be successful.’
For a copy of the guide and workbook, or for details on other available business resources at the Investment Bureau, visit www.investcayman.ky or call 945-0943.
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