Written by: Nancy Harris, vice president and general manager at Sage Simply Accounting
Flooding, forest fires and even mudslides – like those that recently happened in eastern British Columbia – can unfortunately be a frequent occurrence in various Canadian regions leading up to and during the summer months. These situations take both an emotional and financial toll on those who live and do business in those areas. However, such events are proof of the strength of those who are able to overcome such chaos and serve as a reminder that it’s important to be as prepared as possible for adversity.
A recent study of Canadian small businesses owners conducted by Sage North America showed that Canadian businesses may not be sufficiently prepared for a crisis. While 98 per cent of respondents said they back up their financial data, 71 per cent of surveyed owners said they do not have a formal emergency or disaster preparedness plan in place. Respondents cited that they haven’t had any issues in the past that influenced the decision to develop a plan (41%), they hadn’t thought about it (33%) or they don’t think it’s important for their business as reasons for not having a plan. ... Read more from Business Review Canada