Why Business Continuity Should Be At The Top Of Your Board's Agenda To Maximise Survivability During This Global Recession.
Responsible directors are finally realising the benefits of developing a business continuity management system as a method of improving their competitive advantage and reassuring stakeholders of their ability to supply. With business calamities routinely appearing in the press, isn't it time that your company joined them?
Business Continuity has emerged in the previous 6 years as an essential constituent of best practice management for public and private sector firms of all shapes and sizes.
Increasingly we are finding huge, established organizations go out of business because they have failed to predict and make plans for significant disruption and disaster. So what can business owners and directors do to ensure their firm will survive in these harsh market conditions?
Encouragingly there are both business continuity processes and professionals available to help business directors safeguard their company from the uncertain mix of hazards and threats they face; but where do you begin?
It's probably best first of all to document as a board that business continuity is vital to your organization and then put some cash behind that decision.
With a budget committed, you should determine an achievable schedule for improving your organization's resilience to disruptions and agree the extent of products and services that the business continuity programme will cover to help clarify the work expected from the team that you appoint to create your business continuity policies, strategies and plans.
If you don't have business continuity expertise in house, you would be advised to seek out suitable providers with a proven track record in the creation and realisation of business continuity management services for businesses of your size.
With your team in place, you'll need to get started by clarifying your most important products and services; the things that bring most of your revenue or have the most impact if they are delivered or not). Most organizations find that about 20% of products produce 80% of the benefits that accrue to the organization and their clients so it's sensible to get to grips with these initially.
Once these most important products and services are noted the team needs to look at the structures, equipment and processes that come together to deliver them; including the supply of raw materials, utilities, people, data and buildings.
With the business processes clarified for each critical product or service, you should identify weak links within those processes and clarify how they would affect the quality of supply if they occurred.
Once you figure out where your business is vulnerable you can create pragmatic strategies and plans to moderate the risk of those disruptions arising or their impact: for example if a function depends on availability of electrical power, you might install fallback supplies from another switchboard or portable generators.
The nature and extent of the strategies and plans you establish will be informed by the perceived importance of the product or service and your potential losses you may have to develop incident response plans first to reduce the scale of the disruption whilst you work on developing the degree of resilience that your valued customers wish you to put in place to rule out foreseeable disruptions.
Sometimes you can markedly reduce the potential harm to your organization's outputs by spending a few days thinking through the "what-ifs" so it makes a great deal of sense to do so; whether you are driven by legislation, environmental forces or straightforward common-sense.
Take action today, before damaging events make you wish you had not procrastinated about putting a suitable business continuity management organisation in place.
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