BUSINESS CONTINUITY
“ REGARDLESS OF WHAT KIND OF INTERRUPTION YOUR BUSINESS MAY FACE ONE DAY , HAVING A PLAN IN PLACE TO DEAL WITH IT AHEAD OF TIME IS ESSENTIAL .”
BY : BRANDON HORROCKS STERLING INSURANCE GROUP
Most business owners know what “ business continuity ” is , even if they don ’ t know the formal term for it . Basically , business continuity is the way a business can maintain its core functions during or after some kind of interruption of normal operations . Beyond that , there are two things worth mentioning . First , people think of interruptions only in terms of disasters like floods , storms , or other natural disasters . And second , there are exponentially more ways your business could face an interruption than just disasters .
The world of business continuity is constantly changing . There are more threats now than there ever have been in the past , and the number is growing larger every single day . Disasters are just the tip of a very deep iceberg .
Here are some questions to get you thinking :
• What would happen if your computer systems were hacked and you lost all of your records ?
• What if a key employee becomes sick and isn ’ t able to work for months ?
• What if you lose a key vendor ?
• How would your business continue to function if you completely lost power or access to one of your primary production facilities ?
So how should you begin to prepare , as a business owner , for so many issues ? Create a business continuity plan to act as your playbook . Forming a business continuity plan boils down to five basic steps :
The Ever-Changing Risks Of
BUSINESS CONTINUITY
1 . Build a risk assessment team 2 . Assess the risks your business faces
3 . Analyze your operations to determine the most critical concerns to deal with
4 . Document your plan and keep it in a secure location ( off-site , possibly in the hands of your insurance professional )
5 . Test the plan with dry runs to see how it might hold up
These steps are just a rough outline ; each will require a significant amount of work . With that being said , the work is well worth the time and effort when considering the alternative . Regardless of what kind of interruption your business may face one day , having a plan in place to deal with it ahead of time is essential . Without one , you and your employees could be left running around like the metaphorical headless chicken .
Do you have a business continuity plan ? How about your insurance ? Is it covered as well ? The time to sit down with a professional is now , not later on after something has already happened . Fortunately , we here at Sterling have some proprietary products specifically designed for this purpose and professionals on our team who have been dealing with business continuity for years . Contact me at 586- 685-0125 or bhorrocks @ sterlingagency . com and let ’ s get your planning started . +
Brandon Horrocks joined Sterling Insurance Group in 2013 and brought with him 20 years of knowledge and experience in the Commercial & Benefits arenas . Brandon makes your business his business and is well versed in helping his clients reduce their risk and liability during the Merger & Acquisition process . Contact Brandon at bhorrocks @ sterlingagency . com or ( 586 ) 685-0125 .
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