Steps to Preserve Business Continuity and Enterprise Resilience

By Veritis

Steps to Preserve Business Continuity

The COVID-19 pandemic has drastically crippled businesses around the world.

Across industries, companies are scrambling to react as fast as possible to mitigate impacts and other risks and to prepare the organization for the unprecedented implications of COVID-19.

Businesses and individuals have already started working remotely to decimate the impact of the pandemic.

However, Business Continuity remains a significant concern for global businesses.

According to the recent survey by Mercer, 51% of global enterprises do not have a business continuity plan.

Are you among them? Here, we bring you crucial steps to preserve business continuity and build enterprise resilience.

5 Steps for Business Continuity

The following recommendations will address how to keep the business operations running at the time of unforeseen events.

1. People First

People First

Employee health and well-being is an essential component of business continuity and resilience. Establish strategies that facilitate employees to continue to work without endangering them. Ensure to address their immediate needs before thinking about operations.

Introduce safe and flexible work arrangements
Initiate employee well-being programs and policies
Establish clear, transparent and timely communications to reassure employees
Implement infection prevention measures to protect the onsite workforce

2. Reshape Business Continuity Strategy

Reshape Business Continuity Strategy

Many businesses are witnessing operational disruption and supply chain challenges due to the ongoing crisis. Also, there is a significant shift in consumer demands and behavior impacting every industry.

To address these challenges, companies need to do:

Instill short-term cash flow monitoring practices
Assess financial and operations risks and respond quickly
Look for alternative supply chain options
Understand the potential impact of COVID-19 on budgets and business plans
Look for near-term capital raising, debt refinancing or credit support from banks or investors or governmental policy supports

3. Communicate

Communicate

It’s imperative for the organization to establish clear, transparent and regular communication with potential customers, suppliers and other relevant stakeholders to reshape the business.

Notify customers about any disruptions in product or service delivery
Maintain regular contact with suppliers for uninterrupted delivery of goods or services
Consult creditors and investors to review existing loan terms and make necessary amendments
Take advice from legal teams regarding potential liabilities with government and regulators

4. Leverage Government Support

Leverage Government Support

Companies should keep updated with the governmental relief packages and policies that help relieve themselves during the ongoing crisis. Identify and understand each offer of support and find out the one that suits best for your organization.

5. Build Resilience and Agility

Build Resilience and Agility

The organizations have to consider the following to build resilience and agility to reshape their business for a bright future.

Execute revised plans while monitoring the ongoing situation
Assess, review and renew existing business continuity plans
Make decisions and take actions with recovery as a priority
Consider and re-establish business plans and assumptions that support supply chain

In Conclusion

Although no business continuity plan can facilitate a full resumption of business operations, creating a robust plan and strategy can help handle a significant disruption to business operations.