As a business, whether small, medium or large, have you ever asked yourself one of these questions:
Am I prepared for a complete and unexpected shutdown of my operations?
Do I know the financial and legal impacts of such a situation on clients, employees, suppliers, shareholders, creditors, the company’s reputation, etc.?
Would my company survive such a situation?
Do I have a plan to maintain and resume operations?
These questions may seem trivial, but they are extremely important. The reality is that most of businesses, which are not in a regulated environment, do not have a business continuity plan nor are they required to have one. However, the opposite should be true. You certainly don’t want to wait for the worst to happen and be caught off guard.
The usefulness of a business continuity plan
In the event of an unforeseen event, whatever its nature (pandemic, major power failure, cyber attack, fire, etc.), a company is a winner in every respect if it has an established plan that will help it deal with this unfortunate situation. Note that the objective here is not necessarily to get back to 100% operations from the start (that’s almost impossible!), but rather to achieve an acceptable level of productivity until the company recovers completely from the ordeal. Let’s be honest, it’s much better than being in a bind and not knowing what to do. You, your clients, your customers and your suppliers will feel better about the situation if you know how to deal with it.
Moreover, with a gradual return to normal life following the COVID-19 pandemic, companies, having all been affected by the crisis at different levels, are once again facing the risks they were exposed to before it. Indeed, organizations are no longer on the same footing and they must each juggle with their own risks and their own reality. These are all good reasons to think about a business continuity plan, which offers nothing but advantages and ensures the prosperity of your company. Among other things, it allows you to:
- Protect and preserve the lives of employees, the integrity of facilities and the reputation of your company;
- Limit material and financial losses and ideally maintain revenues;
- Reassure, retain and maintain the confidence of employees, clients, suppliers and investors;
- Maintain contractual, regulatory and compliance obligations;
- Mitigate organizational risks and vulnerabilities;
- Obtain a discount or continuation of insurance premiums (if offered by the insurer).
The important thing to remember is that most events that occur are beyond our control. Indeed, no one is immune to the unexpected. In addition, crisis situations can arise from external sources. For example, a fire that ravaged the building next to yours can obviously have an impact on your operations. However, the consequences can be mitigated with a business continuity plan.
The first step: self-assessment!
Would you like to learn more about your company’s ability to deal with a crisis or an unexpected event? Benoit Racette Services-conseils inc. offers you to complete a free self-assessment form that will give you a quick portrait of your risks, vulnerabilities, strengths and weaknesses. This short analysis is intended to raise awareness among businesses regarding their level of preparedness and the impact that an interruption of operations could have on them. To complete the self-assessment, simply visit https://racetteconseils.com/autoevaluation/.
About Benoit Racette Services-conseils Inc.
Benoit Racette Services-conseils inc. is a consulting firm located in Longueuil that assists, accompanies and guides its clients and partners in all aspects of crisis management, operational interruptions and hazards that are difficult to control in the normal course of business. Benoit Racette, certified expert with over 20 years of experience in business continuity, crisis management, emergency measures and disaster recovery.
This article was published on the blog of the South Shore Chamber of Commerce and Industry website on November 11, 2021. We are pleased to share it with you.
To consult it on their website (in French only): https://ccirs.qc.ca/un-plan-daction-pour-assurer-sa-continuite-des-affaires-un-essentiel-pour-votre-entreprise