Running a small business can be tough, especially when it comes to finding time to plan.
Planning for disasters can be even tougher. But planning is like plotting your course on a map – it helps you steer clear of panic when things go haywire.
It's crucial to have an emergency plan for stuff like natural disasters, cyberattacks, fires, or major financial hits. This plan can be a lifesaver when chaos strikes.
Equally important is having a business continuity plan (BCP). A BCP is your playbook for getting your business back on track after a crisis. The goal is to keep the wheels turning so you can keep your business afloat.
Imagine a flood wipes out all your stock, machinery, and office space. A solid BCP should answer questions like:
• How quickly can you restock from your usual suppliers or find new ones?
• Can you buy stock from your competitors to keep things going?
• How fast can you clean up or find a new workspace?
• Can you get your suppliers to step in and serve your customers directly?
• Are you and your staff able to work remotely?
• Can you access important documents and systems, like from the cloud?
• Do you have a manual to guide your team on what to do during a crisis?
A critical factor in your BCP should also be business interruption insurance. It could be the difference between shuttering your business or surviving for another day. When buying a policy, consider:
Cover for wages
Cover for financial loss
How much time your business might be interrupted.
Having a robust BCP isn't just good sense, it's good for business. Potential buyers will see you're serious about your business, and your staff will feel happier knowing their jobs are safer.
