Hurricanes Helene and Milton have caused extensive damage, threatening lives, homes, and the livelihoods of small business owners, according to the Harvard Business Review.
Micro, small and medium-sized enterprises, or MSMEs, employ nearly 60% of U.S. workers and contribute significantly to the economy.
In Florida, 1.9 million MSMEs are at risk, while in North Carolina, 45% of small businesses are affected.
Helping small businesses recover should be a high priority to support local economies and their employees, the authors write, adding that larger companies have a critical role to play in that recovery.
The authors provide options for large businesses to help smaller ones:
- Enhance small business revenue streams
- Stretch out payment terms
- Be flexible on contract provisions
- Pay/deliver services on time
Additionally, the Harvard Business Review authors write that businesses can help small firms prepare for future disasters by sharing disaster preparedness planning and ensuring adequate insurance coverage.
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