5 Steps to Preserve Business Continuity & 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 are 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 are essential components of business continuity and resilience. Establish strategies that facilitate employees’ continuing to work without endangering them. Ensure that employees 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

Due to the ongoing crisis, many businesses are witnessing operational disruption and supply chain challenges. Also, a significant shift in consumer demands and behavior is 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

To reshape the business, the organization must establish clear, transparent, and regular communication with potential customers, suppliers, and other relevant stakeholders.

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 stay updated with governmental relief packages and policies that help them during the ongoing crisis. Identify and understand each offer of support and find the one that best suits your organization.

5. Build Resilience and Agility

Organizations must consider the following to build resilience and agility and 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 action with recovery as a priority
Consider and re-establish business plans and assumptions that support the supply chain

In Conclusion

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