During a crisis, certain business sectors will have been severely affected. While no business can be totally shielded off from a sudden incident, some are more prepared than others in handling the crisis.
Before any misfortune happens, business leaders should be ready to have 3Rs in place, which are:
- Reduce the probability and impact of a crisis.
- Respond calmly and wisely to the incident.
- Recover our business operation effectively and efficiently.
While SMEs are very often hand-tied with limited resources and power to "Reduce" and "Respond" (and most of the time, SMEs would rely much on the government's leadership and guidance), SMEs should have a good business continuity management plan in place for critical business processes.
The plan would have identified the company's core business needs, major stakeholders and priority processes that allow it to survive serious disruptions. It will assess beforehand the amount and type of impact that the business may or may not be able to cope with.
Hence, a business continuity plan itself is a test if the management is effective and forward-looking.
The plan may include the following sub-plans:
- Crisis damage control.
- Emergency management.
- Infrastructural and IT recovery.
- Risk management.
- Supply chain recovery.
Each of the above discipline will require wise and deep assessment of the business!
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