No one has doubts about it now: our world has turned upside down by the Coronavirus. Priorities have been shifted and life has never been so different in the past 50 years as it is now. By the end of this era, we all can be sure of one thing: this time will leave an enormous trace on the worldwide economy and start some not-so-good-looking tendencies. Most of my clients are hesitating (or worse, panicking) as they are now introduced to a very unique situation. What would be my advice? Here is the high time to start with Business Continuity Planning (BCP).
What is BCP and does it do any good to me?
BCP is the process of creating a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and can function and react quickly in the event of natural or manipulated disasters. In this sense, we can confidently state that now, in 2020, BCP is the key to the survival of your business. Because if you thought that insurance and instant funding from your government will help you, well, now be prepared to change your mind.
7 questions to launch your Business Continuity Planning
1. How can coronavirus affect your business?
2. Do you have personnel backups (for instance if one or some of your coworkers got sick)?
3. During the quarantine: can your colleagues work from home?
4. How will your clients likely react and will their attitude change?
5. In case of a drop in sales, do you have the savings to cover? What budget-cutting initiatives can help you to survive the loss of sales for a certain period? What alternatives ways can you generate cash flow during the crisis?
6. What ways of working can be switched to online?
7. Do you order any supplies that can be possibly jeopardized during the lockdown of other areas? (Like ordering products from Italy, China)
The answer starts with outsourcing
In my point of view, I have worked only with a few SME’s that have a „code to survival mode” in their top drawer. And even they are going to be hit by the current situation. But if you could just minimize the impact, wouldn’t you do that? I bet you would. This situation teaches us that working remotely is not just possible, but advisable, also cuts cost and possibly motivates your coworkers. A well-planned outsourcing system helps to ensure business continuity in a crisis. Clearly, it won’t solve the problem entirely and it won’t get back on track in a month, but it can minimize the risk of shutting down of your business. Also, discovering new tools and new ways of working, developing our technological skill has just become essential to keep up with the change that is coming.
So pretty much looks like we have all the questions ready. Make sure, that you have the answers. If not, contact us and we will happily assist you in finding them. Stay safe and follow us!