A Beginner’s Guide To Building A Business Continuity Plan

Proledge

April 1, 2021

QuickBooks Tips

2020 was an extremely challenging year for the business world. If the year of the coronavirus pandemic has taught us anything, it’s the importance of having a robust plan in place to ensure business continuity in times of crisis.

As the world is witnessing a surge in COVID-19 cases once again, it would be a great idea to build a business continuity plan (BCP) if you don’t have one already. Here is a step-by-step guide to help you enhance your organization’s crisis preparedness amid these uncertain times:

Identify the Problems that May Arise

Going forward, you will want to build continuity plans that are specific to your business needs. So, you will have to consider situations like:

What if an employee tests positive for COVID-19? How will you handle the drop in activity?
How will you ensure seamless communication if/when your employees work from home?
How will you manage if a supplier is unable to send materials?
How will you dispense your employees’ salaries if you’re unable to make payroll?

The very essence of a BCP is to anticipate worst-case scenarios and build their solutions. Now that we have identified most of the bottlenecks, it’s time to draft a robust strategy.

Let Experts Show You the Way

While strategizing, consider giving all the existing COVID-19 resources for business owners a look. The Centers For Disease Control and Prevention, WHO, as well as the U.S. Small Business Administration have worked 24/7 to come up with ways through which organizations can ensure employee safety and work effectively during the pandemic.

You can also bank on resources such as the Interim Guidance for Businesses and Employers and look at relief options.

Build a Special Team for Every Problem

As a business owner, you might already have a lot on your plate. On top of that, you may not be equipped to handle every issue yourself. That is precisely why you’ve got specialized experts to lead every department, right?

We believe that this is the perfect time to delegate and work together with your star managers to ensure that your business not only runs smoothly, but also thrives.

The upside of having leaders to tackle every problem is that no one will have to operate solo. We recommend that you get them to draft two or three action plans for each anticipated problem and then chair a discussion on the same with the entire task force. Encourage feedback. Upon receiving constructive ones, get the leaders to tweak the existing plans.

This approach works wonders because you don’t just have a vague BCP in place. On the contrary, you have specific solutions to specific worst-case scenarios. Your organization won’t be taken by surprise if things go wrong; instead, you will be prepared to act fast.

Study the Solutions Carefully

Now that you’re prepared to set all the plans in stone, do take into consideration the impact of each solution on everyone involved, including employees, customers, investors, suppliers, distributors, and so on.

The hallmark of a good BCP is that it accounts for all the important players who ensure the smooth running of your business, even freelancers, interns, and contractors.

It’d be a good idea to ascertain whether the solutions simply work for one single team or your entire organization. You will be able to avoid major hiccups along the way if this is done in advance.

Simultaneously, be prepared to consider special cases and to make exceptions as a one-size-fits-all policy may not work for everyone during such unprecedented times. For example, one employee or two may need to work from home for an extended period because they are immunocompromised.

Note Down Every Single Thing

Have your BCP on paper and make sure that it’s accessible to everyone. This is a simple way to ensure that everyone has the information they need to perform their work duties effectively and as per the ever-changing situations. In addition to this, it also ensures accountability.

If your plans change, do keep your employees in the loop. That’s the key to ensuring that your organization runs like a well-oiled machine.

Final Words

As the COVID-19 situation continues to evolve, it is vital that business owners proactively come up with plans to tackle its long-lasting impact on the business world.

At ProLedge, we know that you have a lot going at the moment because of the pandemic. But bookkeeping is something that shouldn’t be ignored ever if your business’ financial safety is important to you! Are you looking for remote/hybrid trustworthy bookkeeping service providers in Austin, TX to track and record your business’ financial transactions in a more streamlined manner amid this pandemic? Get in touch with us today to avail of the ProLedge Advantage!

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