Top 10 considerations for Business Continuity

Many business owners are currently struggling to keep their organisations running and are implementing emergency measures to cope with the strain of the pandemic. ‘Business continuity’ as it’s known, is the process of planning out how your company can continue trading – when disaster hits.

There are a host of important business areas that you need to consider when developing your company strategy to deal with an emergency situation:

1. Location and workspace – Are your employees prepared for remote working? Maintaining workflow and your employee’s wellbeing are top priorities.

2. Key products or services – Identify your core set of products/services. Review that which will bring in required revenue and cash flow, and which activities should, therefore, be classed as essential.

3. Key staff and resources – Based on your decisions regarding essential activities, identify who your key management and staff members are. Think about the required resource and what critical knowledge needs to be shared within the team.

4. Key contacts and connections – Work closely with your key suppliers, service providers, property contacts and customers to minimise disruption to your operations. Ensure you maintain open communication and source alternative suppliers as necessary.

5. IT equipment, data and infrastructure – Essential hardware and software including laptops, cloud services, video conferencing, and communication apps should be considered, with particular attention given too effective, secure access to business data.

6. Manufacturing equipment – Essential machinery, hardware equipment and vehicles that are required for key operations need to be secured.

7. Financial management – Continuous, uninterrupted access to your financials is key – especially through moments of financial uncertainty. A cloud-based platform is advised.

8. Cashflow management – Run regular cashflow statements and use forecasting to project your cash flow position forward in time – allowing proactive action to avoid any cash gaps in the near future.

9. Insurance – Review all your existing insurance policies so you understand what your policy covers. Securing the business in all scenarios should be your focus here.

10. Leadership – Establish a clearly defined chain of command along with roles and responsibilities, meaning your organisation can function confidently should key staff fall ill.

Should you require assistance establishing a business continuity plan contact sales@locate-global.com, or book a demo.