Today’s businesses must be ready for anything. Everything from illness, inclement weather, natural disasters like fires or floods, to sales declines, and now the newest reality: a pandemic shutdown Plan for business continuity? It serves as an action plan to reduce risk to your company in the event that the aforementioned scenario materializes and specifies what must be done to keep your company operating. What parts of a business continuity plan are usually present?
Economic Stability: Putting down three months’ worth of income to pay for rent or a mortgage, utilities, salaries, upkeep, and other costs.
Create messages that will inform both your clients and employees about the state of operations as part of your communication plan.
Contractors: Ensure that you have located and developed trustworthy relationships with subcontractors who you are confident are fully insured (request a Certificate of Insurance)
Data Breach: If you are collecting and keeping customer data, create a prevention strategy that may include anti-virus and anti-spyware software, as well as a reaction strategy that may include purchasing privacy breach insurance in the event that a breach does happen.
Off-Site Places: Can remote activities continue? If so, create a strategy for smoothly shifting to other places.
Develop and execute additional sales channels for brick-and-mortar operations as additional sources of income.
Identify at least two substitute providers in various cities, provinces, or nations for the supply chain.