Steps to Preserve Business Continuity and Enterprise Resilience
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
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
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
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
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
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
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.
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