Why Business Continuity Has To Be At The Top Of Your Board's Business Plans To Maximise Profitability In This Economy.
Enlightened directors are finally seeing the benefits of creating a business continuity management system as a means of enhancing their competitive advantage and assuring customers of their ability to supply. With business failures routinely featuring in the media, isn't it high time that your organization joined them?
Business Continuity has emerged in the last 6 years as an essential part of top-class management for public and profit-making institutions of all shapes and sizes.
Increasingly we are seeing significant, established companies go out of business because they have failed to anticipate and practice for significant disruption and disaster. So what can business owners and directors do to make certain their firm will survive in these unpredictable market conditions?
Thankfully there are both business continuity solutions and professionals available to help business owners protect their company from the gamut of hazards and threats they face; but how do you begin?
First of all you need to agree as a board that business continuity is important to your organization and then put some cash behind that decision.
With funding in place, you should agree an achievable schedule for developing your organization's resilience to disruptions and decide the range of products and services that the business continuity programme will cover to help orientate the team that you appoint to develop your business continuity policies, strategies and plans.
If you lack business continuity expertise within your organization, you would be advised to search the internet suitable providers with a proven track record in the design and implementation of business continuity management services for organizations of your size.
With your team in place, you'll need to get started by identifying your most essential products and services; the things that bring most of your revenue or have the biggest impact if they are or aren't delivered). Most organizations find that about 20% of activities produce 80% of the benefits that accrue to the organization and their customers so it's sensible to start with these initially.
Once these most important products and services are agreed the team needs to look at the teams, equipment and processes that come together to deliver them; including the delivery of raw materials, utilities, people, data and premises.
With the business processes documented for each vital product or service, you should identify vulnerabilities within those processes and figure out how they would affect the quality of supply if they cropped up.
Once you realise where your business is at risk you can create suitable strategies and plans to cut-down the likelihood of those disruptions arising or their impact: for example if a service depends on availability of electrical power, you might install alternative supplies from another switchboard or portable generators.
The type and extent of the strategies and plans you make will be led by the significance of the product or service and your potential losses you may need to establish crisis response plans first to reduce the scale of the hazard whilst you work on developing the degree of resilience that you require to prevent disruptions.
Sometimes you can considerably lessen the potential loss to your organization's key products and services by spending a few days thinking through the "what-ifs" so it makes abundant sense to do so; whether you are driven by legislation, commercial forces or plain common-sense.
Take action today, before life's vagaries make you wish you had not delayed in making decisions about putting a suitable business continuity management organisation in place.
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