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Inspiration

Expect the unexpected – and prepare

n business, as in life, we all have ups and downs. What can you do?
It's how we handle them that makes all the differ-
ence to our results over time. Our elected officials As I write this, millions of people are without power in
I come to mind when thinking of how not to handle California due to planned shutoffs imposed by Pacific
ups and downs. In bringing this up, I'm not taking a side Gas and Electric. This was done to make it less likely their
right or left, conservative or progressive. The two leading equipment, battered by high winds in dry conditions,
parties in the United States have different priorities, but would cause fires or contribute to the spread of fires
I think they both tend to be shortsighted when it comes already burning. Due to the structure of the energy grid,
to ensuring that down times have as little impact on the power is out in some areas not directly threatened by the
citizenry as possible. Let's not emulate them in our busi- flames. People in those locales haven't been evacuated and
ness practices. still need everyday services. Some retailers in those areas
that invested in generators have been able to keep their
When things are going well, it's important to set aside doors open, while others have shuttered. When businesses
resources to shore us up in the event of a reversal of some are forced to close their doors for several days, this takes a
kind. If you haven't already done so, consider consulting an huge bite out of their sales, and by extension, the profits of
accountant or financial adviser about this. A professional the payments professionals serving them.
will be able to assess your situation and provide advice on
requisite liquid assets to have on hand so your business Of course, a generator won't be the answer in every
can weather a negative event without undue hardship. circumstance. But, say, if you're in a flood-prone area, it
makes sense to get flood insurance if it's available. You can
An economic downturn is one type of event, but other also consult experts for advice about on-site improvements
detrimental things can also occur. What if you had that could help your business limit losses from a flood.
a medical emergency that kept you away from your Buildings can be reinforced to withstand earthquakes, too,
company for an extended period, for example, or what if for those located in quake-prone regions. And wherever
your community experienced a natural disaster such as a you are, you can work with members of your community
flood or fire? I expect you have a general business plan that to see what regional projects can be done to shore up
is based on the end goal you have in mind. Do you have infrastructures needed to handle potential disasters.
plans for how to handle negative events that could occur?
What about a plan for helping your merchants should they It's certain we will face emergencies, financial and
experience a negative event that is out of their control? physical, occasionally. But we can all mitigate the effects if
we prepare in advance.

Kate Gillespie, President and CEO

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