Be prepared for the unexpected with a plan focused on longevity and continuity during a crisis.
We love the energy of small businesses! Optimism, determination, the ability to innovate and think outside the box. Small in size, they’re a big deal in Canada. In fact, small businesses employed almost 69.7% of private sector workers in 2012. That amounts to roughly 7.7 million people across the country. They are the engine of the economy and their success is vital to our prosperity. Continuity is key and their success impacts us all.
If you’re a small business owner, or thinking of becoming one, you’ve likely heard the term business continuity before. It’s a key element to business success and longevity. Framed within a business continuity plan, this is your blueprint to keeping operations running during a crisis. It helps mitigate disruptions that arise, like during a natural disaster, or something more recent, like the COVID outbreak.
What needs to be protected? How will you respond? Are you set up to work from home? Which practices are needed to continue operations? Your answers will be carefully considered and laid out in your plan.
Still not convinced? We’ve put together 5 key benefits of a business continuity plan and how it can help your business thrive.
Benefit #1 – It builds confidence among your customers.
Companies that are transparent about their ongoing business continuity efforts are communicating something powerful to their customers: we have a plan and are putting the right pieces and parts in place so we can be there for you — no matter what.
The best part of this? Building confidence does more than just change customer behaviour; it also has the power to change the behaviour of others. Confidence is contagious. Consider this benefit as an opportunity to elevate an entire community!
Benefit #2 – It preserves your brand value and your reputation.
Companies that aren’t prepared to handle disruptions risk appearing incompetent to the public should an event arise. They run the possibly of stumbling over next steps and mishandling communication. A plan helps preserve your carefully crafted brand and the reputation you’ve worked hard to earn.
Benefit #3 – It cultivates a resilient organizational culture.
An overarching plan can trickle down to resilience and recovery with everyday tasks. Employees who are applying business continuity concepts as second-nature are quicker to adapt when something goes awry.
Benefit #4 – It provides valuable business data.
Business continuity activities produce tons of data — task status, recovery time, financial impacts of a disruption, etc. It’s like having an encyclopedia of valuable data about your company’s operations. Smart companies make use of that data in other ways, like to plan strategic activities that will help move the business forward.
Benefit #5 – It helps mitigate your financial risk.
Among the benefits of business continuity planning is the mitigation of not only business risk, but also financial risk. By creating a more resilient network or putting the right backup processes and procedures in place, you’re lessening the risk of a data breach, for example, or a substantial power or data loss.
If you haven’t considered setting a business continuity plan before, there’s no better time than the present. The Guildstreet team is here to engage you in creating the right strategy and designing an optimal environment that promotes long term resilience and growth.
Afterall, you’ve invested a lot into your business — time, budget, sweat — and the last thing you need is to go out of business in the event of an unforeseen circumstance that you could have otherwise prepared for. With a solid plan in place, the only way to grow is up!