An often-overlooked part of a business’s key protocols is business continuity planning. These are the steps your company will take when faced with “business unusual,” when corporate life or death is a very real potential.
In this article, I will provide an overview of business continuity planning (BCP) and how it can be the difference between your business surviving or failing. We will discuss the risks to your business, what a BCP looks like, and how to implement one.
If you are new to BCP and exploring your options, then you’re in luck. I’ve broken down this article into five parts:
What is a Business Continuity Plan?
A business continuity plan involves creating a system of recovery and prevention to deal with external factors and potential threats to a company. A company’s resistance or resilience to failure is in its ability to withstand external shock waves and still function.
Any external event that impacts the operations of your business should be included in your business continuity plan. Business continuity planning outlines a range of disaster scenarios and the steps to overcome the problem and return to normal trade. Most businesses, however, will be focusing their business continuity management on one disaster—the COVID-19 pandemic.
How to Start Your Planning
Because COVID-19 has turned the world upside down and business-as-usual on its head, it might be time to start your business continuity planning. In manufacturing and supply chain we are seeing a range of outcomes, from businesses struggling with unprecedented workloads to others that have seen order books evaporate.
Whatever the scenario your business is facing, it is clear we will face tough times for the next few months. What you do now will dictate how well you come out on the other side. You should be thinking about contingency plans to alleviate any potential impacts to your business. Business continuity planning is the framework that can help you get through to the other side.
A business continuity plan is designed to anticipate and plan for the key risks that may face your business in the coming months. By acting quickly and decisively, you maximise the chances of your business surviving.
To read this entire article, which appeared in the May 2021 issue of PCB007 Magazine, click here.