Business Insight

THE YEAR 2020; A YEAR FOR A WELL-DESIGNED BUSINESS CONTINUITY PLAN

If there is one thing the year 2020 has taught us, it is that disasters are usually unforeseen and, most times, unavoidable. All you can do is be prepared to face it.

The covid-19 pandemic has tested every business continuity Plan, and many startups in Nigeria were caught in sticky situations. The tragic turn of events with the #EndSARS protest also displayed the need for every business, irrespective of its size, to have a continuity plan.

What is a Business Continuity Plan?

A Business Continuity Plan (BCP) is a predetermined detailed course of actions that a business takes when unexpected events or situations occur.

Why is it important?

BCP plays an essential role in minimizing impact or damage that can significantly affect its reputation, financial stability, and business’s going concern.

For example, the #EndSARS took an awful turn as businesses and infrastructures were burnt down and looted, leaving businesses both large and small to count their losses.

 

How do you create a continuity plan?

The importance of a BCP cannot be overemphasized. Here are some guidelines on how to create a continuity plan:

  1. Identify and prioritize your resources

Resources such as your team, physical assets, and IT systems are essential to keep the business operational.

  1. Pinpoint the key risks

Risk management is key to a successful BCP. Identify every potential threat to your resources. This step needs thorough research.

  1. Label the risks according to priority

Once you’ve identified every risk scenario or potential threats, rank each threat according to their urgency, impact, priority, and likelihood to occur.

  1. Draft your continuity plan

Create a separate continuity plan for each scenario. Outline your order of action when the event occurs. Some actions such as buying an insurance policy has to be proactively taken.

  1. Review & Distribute your plans

Make sure your team can quickly access the continuity plan. From time to time, review the continuity plan and update the BCP when needed. Keep the employees and stakeholders informed when there are changes.

Conclusion

Don’t overthink when you make your business continuity plans. Yes, it is good to see ahead, but not too far ahead.

In creating your plan, you will see a lot of possible solutions. But you should choose the one that best abate, if not counter, the impact of risks.

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