ALBERTA FIRMS LARGELY AREN’T PREPARED FOR A CRISIS

Despite having faced multiple disruptive disasters in recent years, many small- to medium-sized businesses in Alberta are ill prepared for such events, a Business Beat survey by ATB Financial shows. It found 23 per cent of responding businesses have experienced significant disruption, yet 45 per cent did not carry disruption insurance. There is also a gap in continuity planning: 78 per cent believe a continuity plan is important, yet only 47 per cent have one. Of those that don’t, 62 per cent said it wasn’t a priority. Similarly, 91 per cent of respondents acknowledged the importance of succession planning, but only 58 per cent have a plan. “Business owners clearly realize the importance of continuity and succession planning, even identify such planning as a priority, but many don’t seem to have the time or resources to do either,” Teresa Clouston, ATB’s executive vice-president, business and agriculture, said in a release. She advises businesses owners compile a plan to deal with disruption that will allow them to be proactive rather than reactive in a crisis.