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Understand and manage risk in association with Lloyds TSB Commercial

Businesses risk paying a heavy price if they don’t prepare properly for floods and other environmental threats brought on by climate change. Severe flooding devastated Cumbria in November 2009, while the floods of 2007 cost businesses around £740 million, according to Government figures. Yet, a survey commissioned by Defra in 2010 found that two thirds of the UK’s largest businesses have not yet acted on the risks and opportunities that climate change poses. According to the Chartered Institute of Management Accountants, small and medium-sized businesses are even less well prepared, preferring to leave it to the big players in industry to manage and mitigate risks.

Follow our tips below and see how you could ensure your business is less vulnerable to environmental risks and climate legislation:

• Use Defra’s new Climate Resilience Toolkit available free online via the Business Link website. The simple to use application allows companies to assess the risks of climate change to their businesses, from the threat of flooding to premises, to the robustness of the supply chain, to potential changes in customer demand for products

• Look at UK Climate Impact Programme (UKCIP) predictions of climate change in your area to see what the potential impact could be on your business / marketplace

• Think about your supply chain – how is it affected by severe weather events in the UK and abroad. How resilient is your business and have you planned for the inevitable impact?

• Understand climate legislation affecting your business – sites such as Netregs and Business Link can help you do this. Failing to comply can be costly

• What are the new, more sustainable and low carbon, competitors in your marketplace doing? What is the likelihood your product or service will become redundant in a low carbon world, and have you planned your transition?

Our new Commercial Sustainability website is packed full of information to help keep your business journey on course. Why not take a look today?

® GreenWise is a Registered Trademark of The Sixty Mile Publishing Company 2016 – [email protected]