Four Ways to Protect Your Business from Natural Disasters
Running a business is filled with daily challenges – from personnel to profit – and most business owners realize the need to protect themselves from both internal and external risks. But there is another type of hazard that is overlooked and often uninsured: Natural Disasters.
Storms such as Cyclone Pam that battered the NSW coast this week can often catch a small business off-guard, and can have significant financial implications. In fact, an estimated 25 per cent of companies are unable to resume business operations after a major disaster, according to the Insurance Institute for Business and Home Safety.
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There’s often a human tendency to be naïve in these particular situations, holding the belief that a large-scale natural disaster won’t happen where you live and where your business is located. However, the reality of the situation is storms, floods, fires, earthquakes, tornados cyclones and hurricanes can strike anywhere and at anytime. CEOs must plan ahead for their own post-disaster recovery, which often determines how successful they are in the future.
Here are four ways small businesses should prepare for a natural disaster.
1.Make sure you have the appropriate insurance coverage
You should know the type of coverage you have on your facilities and property, and if it is enough to ensure your recovery if a disaster indeed does physically destroy your business. In addition, small business owners should also consider business interruption insurance in case you have to shut down for a substantial amount of time.
2.Back up all electronic data
Like most everything else in today’s age, nearly all business transactions are conducted and stored electronically. Because of this, it is crucial that data and files are backed up and saved, as a company may to be able to reestablish itself without important client and financial databases. It’s recommended you save all of your files at least twice a year, store one in a waterproof container at the office and another in an off-site facility.
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3.Create a disaster strategy
Plan an efficient way to communicate with employees and clients while business operations are down, and make sure everyone understands their communication responsibilities. For example, figure out who will be in charge of contacting the insurance company, who will contact clients to update them and who will be the spokesperson in case information needs to be relayed immediately.
4.Consider temporary relocation
Think about another location to get work done in case a disaster strikes and you can’t get into your office.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”