The last few years have shown us that it pays to be prepared…
It’s not enough to have good systems in place -SMEs need to have a contingency plan to remain successful when the unexpected occurs…
▶️ Business Continuity Plan – which outlines the steps to take in an emergency or disaster – anything from natural disasters, cyber-attacks, or economic downturns. The plan should identify potential risks, develop strategies to mitigate them… and establish procedures for an appropriate response, such as employee safety, data backup or alternative methods of operation.
▶️ Financial Reserves – make sure you have a financial reserve to sustain your business during a crisis. Set aside enough cash to cover your expenses for at least 3-6 months, including rent, payroll, and other operating costs.
▶️ Insurance Cover – never hurts to check you have the right type and level of cover to protect your business. Many owners don’t realise that in some industries, they may need to maintain adequate cover for several years beyond closing the business down. Get help to review your policies and make sure you have adequate cover.
▶️ Communication Plan – to reach out to your staff, customers and suppliers during a crisis. Have a clear chain of command and know which channels will be used to maintain a dialogue with them.
▶️ Remote Work Policy – which might already be in place, due to recent events, but needs to include procedures for working from home, communication protocols, and cybersecurity measures to keep your data safe.
Your plan should be tailored to your specific business needs and be regularly reviewed and updated as circumstances change.