The year has been extremely challenging because of the coronavirus (COVID-19) pandemic threatening the lives of people all over the world. In just months, it has brought changes in the global economy. Affecting industries such as air travel, tourism, retail, manufacturing, and more. Governments are aiding them through wage subsidies and working capital loans. However, companies are still compelled to navigate through this crisis. Making tough and tricky decisions that may impact the company today and in the long run. Giving leaders the perfect opportunity and the need to set up a recovery plan. To help shape up their business and make it more resilient in the coming years.
When business is disrupted, it costs money. The loss of revenue and extra expenses causes reduced profit. Insurance policies do not also cover all costs. This is when a solid business continuity plan comes in. It is the system for prevention and recovery from potential threats to a company. It ensures that personnel and assets are protected and are functioning properly in a disaster. A business continuity plan involves a business impact analysis that identifies critical business functions, processes, and resources to support them. There is a need to identify, document, and implement this to recover critical business functions and processes. This is through a trained team that has conducted a testing exercise to evaluate recovery strategies and the plan itself.
Like so, a business should also have a recovery plan. This plan will enable leaders to focus on areas that were most affected by the disaster. It will also be more custom fit to the disaster and its effects. Most often than not, businesses only prepare for common disasters. The plan should now be leaned towards sanitation and health concerns. The new normal should also be considered as the backbone for the changes. Develop new strategies that are based on the development that is on the way. For small and medium enterprises (SME’s), it is a good time to consider outsourcing as one of the alternatives. Lessening manpower lessens posing threats and lowers cost.
There is now a real need to ready and recover. Not only for the business itself but the world as well. We rarely get advance notice that a disaster is about to strike. Even with ample time, multiple things can go wrong, and every accident is unique and unfolds in unexpected ways. Your preventive measures might have come in handy when this pandemic struck. But it is now time to rebuild and recover. With high hopes, this virus and its casualties will recede. We will slowly rebuild the business and the economy through our recovery plans.