Got business plans? No time like the present to create, update, and test those business continuity plans while in the thick of it.
It’s better to take the proactive approach because most executive leaders will be asking for these plans if they haven’t done so already. If they aren’t asking yet, then this is a great opportunity to show your value to the organization.
Creating or updating business continuity plans, standard operating procedures (SOP’s) and/or standard operating guideline (SOG’s), while in this current situation allows for an internal and external view of the greatest areas of vulnerability and risk. Furthermore, this exercise will help add value when renegotiating future contracts. Vendors will quickly react to a company’s request and asks now. This will help in foster long-term mutually beneficial partnerships in this time of need.
Business continuity plans generally focus on the following four key points: identify (risk assessment), analysis (business impact), create (strategy & plan development), and measure (test, train and maintain). With our current state, two particular areas are important to focus on. First, a structured response both internal and external (operating procedures and guidelines), which can be used in future contract negotiations. Second, the vendor’s financial stability, which is often forgotten (ability to deliver). This vendor information should be shared with business stakeholders to ensure the short- and long-term supply chain and service demands can be met.
With the understanding that leaders plan and managers react, the following quote is a reminder of just that: “By failing to prepare, you are preparing to fail.” ― Benjamin Franklin.