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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