Disasters come in many forms, including cyberattacks, natural disasters and unfortunately, pandemics.
While some business owners and leaders may believe they can quickly establish a backup plan to manage a crisis, the best leaders understand the value of planning for things they hope will never occur.
Knowing what you need to do the moment disaster strikes is the only way to ensure your company can continue operating and delivering products and services to your customers. If you don’t have a business continuity plan in place, it’s time to think about creating one. The sooner you have a plan of action, the better.
Having a business continuity plan for your company offers several advantages, including:
The ability to continue serving your customers
If your business operations cease, your customers may turn to your competitors. Because a business continuity plan keeps you running, you’ll be able to keep serving your customers and even get new ones, especially if your competitors are affected by the same disaster and do not have a business continuity plan.
The capability to work offsite
If you can’t work in your office due to a catastrophe, you’ll be able to keep your business operations running smoothly by planning for how key employees can keep working remotely. You may also even have a temporary office ready to use.
Disasters can grind operations to a stop, and your plan can make the difference in being shut down for weeks or up and running within hours. If you don’t have a plan, you’re going to have to think about what to do next. But with a business continuity plan, you can activate it immediately, saving you time and resources.
No one can predict the future, but you can be sure that disasters will happen. The question is: will you be ready?
Lorie Heckman is the Senior Vice President, Chief Risk Officer at F&M Trust