Creating a continuity plan for your business
You will learn
- What a continuity plan is and how you can use it
- What makes your plan successful and worthwhile
What is a continuity plan?
Emergencies can develop without warning, so you need to be one step ahead to ensure staff and customers remain confident in your reputation. Continuity plans help you to anticipate events, prepare, prevent, then recover. For example, you know Brexit is coming and you have still got some time to complete the next steps, and to dig yourself out of any possible holes with in your business.
You have acknowledged the disruption to your business, now you need to consider the worst case scenarios and how they might affect you. For example, the leave from the EU has prompted concerns over staffing as immigration laws may be affected. Consider the extremist outcome this may have on your company. Planning what can go wrong costs very little and does not have to be time consuming. But by doing this, you will be able to provide your business with better stability. Lack of planning could result in loss of contacts or even your business, whilst this simple process might prevent that.
North Yorkshire County Council offer free advice, which you can access by emailing firstname.lastname@example.org.
Why are continuity plans successful?
Business continuity plans are useful because they allow you to prepare for the unexpected, manage risks and ensure your business can remain stable. If you prepare, then so can your staff, allowing them to know their roles in an emergency and business can run like daily. It’s about maintaining normalcy.
More importantly, it does not just help maintain your business, but can also allow it to grow by providing opportunities to increase your revenue. For example, leaving the EU will alter trading links. To counteract this, you can look to alternative connections for trading such as America. By acting on this suggestion sooner rather than later, you could potentially find better contracts and deals before your competitors do. Investors will also be reassured that you have contingency plans and have trust in your business management.
If you are expanding your business, you might also want to get better insurance coverage. By having a continuity plan, it has been found that you will be entitled to additional types of insurance, opening up new markets. Insurance firms also offer discounts on premiums if a client has a reliable continuity plan.