Future Proof Your Business with a Business Continuity Plan
Future Proof Your Business with a Business Continuity Plan
Things don’t always go to plan no matter what size your business is. Even some of the most experienced business owners can be caught short when they’re faced with the unexpected. That’s why it’s important to have a tried-and-tested plan ready and waiting should the worst happen. Whether it’s a heavy snowstorm or a sudden broadband outage, business continuity is about keeping your business up and running when things go wrong.
According to the Office for National Statistics, over 10% of UK businesses fail each year. And while there are lots of reasons a business can go under, many fail because they’re unable to recover from a single event that suddenly devastates their business.
This is exactly why you should have a Business Continuity Plan (BCP). This will ensure your business can continue in its work, even if problems arise or disaster strikes.
What is Business Continuity Planning?
Business continuity planning refers to the systems and procedures that allow businesses to maintain or quickly resume functions in the event of a major disruption. Essentially, business continuity is like having a back-up plan.
A business continuity plan should outline procedures and instructions for staff members in the event of a disaster. The plan should cover things like:
- Business processes
- What to do with equipment and/or stock
- Who is responsible for what
- Emergency contact details
- Back-up power arrangement
Business continuity plans are commonly used when businesses experience disruption during extreme weather. But, they also come in handy for day-to-day problems like your customers not paying on time, a staff member being off sick, or a supplier letting you down.
Even if you have a small business, emerging problems could throw you into an unproductive panic. However, if you’ve already considered what could happen, you can calmly work through your plan and keep your business going.
Business Continuity Plan
Good communication is essential when it comes to business continuity. Everyone who works for your business should read and understand the BCP before it’s fully implemented. This means you’ll have time to plan any additional training the staff might need. Always consider the impact on your business should the worse happen, key areas need a solution in place so that your business can continue trading.
The Business Continuity Institute and the ISO – Business Continuity Management Systems can help with business continuity planning standards and frameworks. They also provide training and resources, many of which are free to businesses who need help with their Business Continuity Planning.
We hope you find our latest blog helpful in future proofing your business!
For all aspects of Business and Commercial Finance, whether or not in an emergency situation, contact our office: 01204 398816 – we can help! 😊
