Do You Have A Business Continuity Plan?

No one is absolutely prepared when disaster strikes. When COVID19 hit China real hard, it meant that China was not the only one who would be suffering. It was a global threat that impaired so many businesses worldwide. But we cannot just let our fears hover over us. We need to find ways to rise up and continue where we have left off.

                     

Even if the coronavirus pandemic has ended, it will continue to have severe and long-term effects on our economy. We need to brace ourselves for the next few months because, for sure, everyone will be at a slow pace in trying to “resuscitate” their businesses. We will need a lot of help from everyone and understanding and patience.

2020 may have been a bad start for our country. We had to deal with the eruption of the Taal Volcano, which affected so many of our kababayans. What happened was beyond our control, and all we could do was be united in reaching out to those who needed help. The businesses in the affected area plummeted, important events had to be canceled, classes were required to be suspended. But after a few weeks of spewing ashfall, everything was almost back to normal.

As the pandemic threat widens, although businesses were paralyzed, the internet has become the salvation for some companies. By creating informative and entertaining videos, these businesses have flourished. One should not think that other people took advantage of the situation negatively. It was the only way to go on with our lives. Imagine if everyone just stopped doing business, even online. How are we supposed to go through this with our sanity intact? The mere fact that we could not go to a physical store because of the possibility of getting infected with COVID19 is daunting enough. And so, the proliferation of online businesses did not only help these business owners but, most significantly, us.

After COVID19, we need to bounce back! It will be back to starting all over again, indeed. And this should be a lesson to all of us – that we must be prepared. On what necessary steps to make if there are disasters; thus, a business continuity plan should be in order.

Business Continuity Plan Defined

A business continuity plan outlines the possible impact of any calamity or disaster situations, establishes policies to respond to these dire situations, and helps the business recover quickly so that the business can function as usual. This is generally created in advance in which the company’s stakeholders. In creating a business continuity plan, the company’s goal is to protect its personnel and assets during and after an emergency.

In creating the company’s business continuity plan, it should include, but is not limited, to the following:

• Contact information of (disaster) management personnel
• Coordination with local emergency personnel/department
• Explanation of where to go during an emergency
• Goals and objectives
• Information on data backups and site backup
• Key roles and responsibilities
• List of tasks required to keep operations flowing
• Plan maintenance protocols
• Policy, purpose, and scope
• Risk mitigation plans

Having a business continuity plan is an essential part of any business. Any threat, disruption, and calamities can lead to a significant loss in revenue and additional costs, affecting the company’s profitability. Unfortunately, even if the company has insurance, it does not always cover every expense associated with the incident. Thus, having a business continuity plan can be the only way to save the company during such times.

The advantages of having BCP in business are:

• The company/business will not be caught in surprise, thus handling unexpected situations seamlessly.
• The company/business will continue providing convenient services after the disruption.
• The company/business will preserve its reputation and revenue stream.

Guide in Creating A Business Continuity Plan

COVID19 has indeed taught us many things aside from being extra-careful with our health. It has opened our eyes to become prepared for unexpected situations to happen. Thus, businesses should prepare an action plan should other disruptions happen again in the future.

1. Create a team that will implement and execute the plan. The number of team members depends on the size of your company. These individuals would create the standards, train additional members, and ensure that the processes go on smoothly.
2. Understanding your company’s operational, financial, and physical risks should include disruption and what types of bets will occur through business analysis impact. List down all the possible risks and threats and how they can impact your operations. Create a comprehensive questionnaire to gather the information that you may need.
3. Identify a company’s recovery requirements versus its current resources. You may discover a discrepancy between your help and what you will need. Thus, find ways on how you can fill the gap.
4. Identify recovery strategies for your business and describe how to implement them.
5. Test your business continuity plan to ensure it is practical, observe results and make recommendations for improvement. The project you have created does not end there because this may change and adapt as the company grows.

The plan that you need to create should not be difficult to understand. It should be made simple so that the business continues and retain the necessary revenue needed during a threat, disruption, or disaster. This is like having a “backup plan” if the regular operation is impossible.

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You may contact Armando “Butz” Bartolome for questions and more information.

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