Disaster Planning, A Refresher Course

Many businesses don't have a viable Emergency Plan. But why not? People who were prepared are doing a lot better than those who ignored warnings and didn't plan. But, have you thought about your business? Below are my top three tips for business preparedness during a natural disaster.

# 1 - Make copies of your important records and store them in a secure place far enough away in case a widespread disaster hits, yet close enough to have quick access to those documents when needed. Don't rely on computer back-ups like cloud files or jump drives. Chances are if a natural disaster hits- there is no electricity!

#2 - Keep an up-to-date list of e-mail addresses, financial account numbers, and phone numbers for family members, employees, co-workers, and insurance company contacts. This list should be kept with the copies of important records (noted above) as well as within your wallet at all times.

#3 Put together an emergency kit that includes one gallon of water per person per day, a three-day supply of non-perishable food, a battery-powered radio, solar-powered phone chargers, a flashlight with extra batteries, a first aid kit and a cooler to keep refrigerated food cold in case of a power outage.

Want to learn more? Subscribe to my blog! I will be discussing this issue, and more, in the coming days.

Twyla N. Garrett

Renting Commercial Property? Free How-To Tips!

Not every business owner starts off in the position to buy a building or office space. In fact, it is likely you won't buy an office space during your lifetime. Most businesses rent. However, there are some ways to end up in terrible leases- well, truth be told, this happens more often than not. So, I've come up with a few tips on how-to avoid entering into a bad commercial lease.

1. Build in renewal options to your original lease contract.
Too often I hear business have to go under because companies are unexpectedly hit with a rent increase without warning from the landlord. Always build in renewal expectations within the original contract so this doesn't happen to you. It can avoid closing down your company, even if just temporarily while you find a new space.

2. Seek out hidden extras, ask before hand to avoid a headache later.
Commercial real estate landlords often tag on extras such as maintenance fees, upkeep for shared facilities (Common Area Maintenance or CAM), and so on. What about utilities? These charges are usually the responsibility of the tenant, but how are they measured? What about insurance? Do you have to keep a certain amount for your fire policy or theft policy? Is electricity use individually metered or apportioned by the square footage? Ask to see these “hidden fees” and policies as well as examples of costs that are typically incurred by tenants. This will help you determine the true cost of the property.

3. Ask for a sublease clause.
Why is this important? Well, a sublease adds some flexibility so that should your business plans change you can sublet your space to another business. You're not stuck paying for empty space or left burning the landlord to deal with the debt at a later date.

Make sure you do business with a reliable people, too. A simple Google search can easy your mind or bring up issues that need to be addressed.

Happy property hunting!

Twyla Garrett