If another disruption comes your way, are you prepared? Equip your company with a Business Continuity Plan now.
2020 is an extremely challenging year. Issues one after another have affected businesses of all shapes and sizes worldwide, highlighting the importance of preparedness. As an entrepreneur, what can you do for your business during these challenging times? It’s crucial that you put a plan in place, not just for what’s happening now but also for the future. This is where Business Continuity Planning comes in.
Business Continuity Plan (BCP) describes and outlines processes and systems to help you prevent and recover from potential threats. An effective business continuity plan defines how an organization will continue to operate during or after events like emergencies and disasters. It identifies all possible risks and their effects, how services or products can continue, and the recovery of critical systems.
The plan makes sure your 4 Ps can quickly bounce back, making a BCP an important part of the organization’s risk management strategy. These 4 Ps are:
Here we debunk some of the most common misconception SMEs have about BCPs:
Myth: Some think businesses prone to natural disasters are the only ones who need BCPs. And why plan for something you can’t predict?
Fact: But reviewing past issues can help you predict the future — take COVID-19 as an example. From here, you can determine the common effects of threats to guide your plan. Remember, small and medium enterprises don’t have large corporations’ assets at their disposal, so any business disruption from an event has a big impact on their profits.
Myth: Large enterprises are the only ones who can support solutions that arise from creating business continuity plans, like tools and equipment. It needs too much money, especially if you have to hire a BCP consultant.
Fact: Not all solutions are expensive. In fact, BCPs can start with changes in process, like making sure your employees have weekly alignment meetings, for example. These allow all teams to be prepared to cover for members who can’t go to work for one reason or another.
Plus, SMEs only need to account for a few employees, sites, equipment, and products, unlike large corporations. There’s no need to hire a consultant, too, because you and your team know your business best. Work with your key people and make use of their valuable insights.
Myth: BCPs are overly tedious and intricate work. You have to comb through every detail to write down a plan for every single business facet.
Fact: There’s no need to create a 100-page document, that’s for sure. It depends on your priorities. Look at the areas that past threats, like COVID-19, affected the most. Start there. Review your processes and continuously update and improve them. For smaller organizations, this won’t be as complicated.
Now that you know a BCP is necessary, cost-efficient, and uncomplicated, it’s time to make your own our easy guide to business continuity planning!
Step 1: List down threats that can impact your business and your 4Ps. These can be:
Step 2: What are the negative outcomes that you see for each?
Step 3: Pinpoint what the best case scenarios for your 4Ps are given the threats.
Step 4: How do you go from your negative impact to the ideal scenarios? Find out the processes and tools needed to make these happen. Consider:
After the basic steps, you’re ready to explore the tools that can help you reach your ideal scenarios. Here are just some examples:
At the very least, your employees should still be able to work in case they need to stay at home or in a different location. G Suite allows users to open Gmail, Google Calendar, Docs, Sheets, Slides, Forms, and other applications from anywhere with an internet or mobile data connection. Thanks to its online capabilities, your team can work on a single file simultaneously, making sure important reports or presentations are done on time.
You may be using biometrics to help track your employees’ attendance and productivity. With an HRIS, you can still do these even if you and your team work remotely. HRIS also compiles employee data, making it a single source for information like PhilHealth, SSS, tax contributions, and biodata. No need to refer to multiple files.
Purchasing, maintaining, and updating physical servers, that can cost millions and prone to security issues, will be a thing of the past with VPC. Contrary to popular belief, it’s not expensive starting at a few thousand pesos a month. You can even get it for free with your Direct Internet line. Businesses can use it for back up or migrate data 100%. VPC also allows employees to still access and save files even if they’re not in the office.
Hackers are everywhere, and protecting sensitive employee, customer, and product data is crucial. And it’s more important than ever with the 2012 Data Privacy Act, where data breaches can impose a PHP500,000 fine to your business, plus imprisonment. You can be in danger if customers feel their data is compromised, so intensify your cybersecurity.
The Data Privacy Act of 2012 also requires that all employees of an organization receive data privacy training. Click here for a free data privacy assessment! Just use GMBDATAPRIVACY as the reference code.
In these trying times, preparedness and control are things business owners have in their arsenal to help keep their enterprises healthy and thriving. Remember that your business plays a vital role in our economy. Preparing a BCP isn’t just for your business resumption, it’s also for your industry and the country.
With Globe’s multiple BCP solutions, you have a helping hand in raising your business up again with ease. Schedule a consultation with our account managers today.
HELPFUL PRODUCT INFORMATION:
G Suite gives your employees real time access to the full range of Google applications for company reports, files, and presentations anywhere. Learn more about it here.
HR Integrated System (HRIS) can track employee data in just a few clicks, even if you’re not in the office. Learn more about it here.
myBiz Wallet makes salary disbursement easy. Click here to learn more.
Access your data 24/7 from anywhere with Virtual Private Cloud (VPC), free with your Direct Internet subscription. Find out more here.
Safeguard company, employee, and customer data from hackers and cyber threats with Cybersecurity. Know more here.
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