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Major weather events can be tough on small and young companies

Unexpected events can pose problems for any business. They can pose special challenges though for small companies or companies that are just getting off the ground.

Take extreme weather for example. Such disasters can be particularly tough on small and newer businesses. For example, federal data regarding Hurricane Katrina points to shutting down for good being particularly common among small and young companies touched by the storm. Also, a study regarding Hurricane Sandy pointed to small and young businesses having been more likely to face post-storm credit access issues, like high interest rates or trouble getting credit.

One thing that could help a small business when extreme weather comes is it having planned for the possibility of severe whether striking. Among the preparations businesses can make on this front are: looking into insurance options, bringing risk management regarding weather into their overall business planning and looking into if they need to change their approach to handling risks related to weather due to changes in how common extreme weather is.

What preparation steps regarding bad whether do you think are most important for businesses?

Another event that could be tough on a small or new business is a major legal dispute. So, this is another area where preparation can be key for a company. Lawyers can help owners of small/young businesses with taking steps aimed at preventing future disputes when it comes to legal issues related to their company. They can also help such individuals with making preparations aimed at protecting the interests of their company when disputes come up.

Source: Harvard Business Review, “Small and Young Businesses Are Especially Vulnerable to Extreme Weather,” Benjamin Collier, Nov. 23, 2016

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