A few months ago, a devastating fire broke out in a building near one of our offices. Concerned by the situation, we looked at our business continuity plan to make sure it was up to date. Do you have such a tool for dealing with emergencies?
With the COVID-19 pandemic, companies had to adapt quickly to out-of-the-ordinary situations, which they would never have been able to deal with effectively if they hadn’t had a business continuity plan in place beforehand.
Identify emergency situations
It’s important to identify potential incidents so that you’re in the best possible position to overcome them should they occur. Whether it’s the death of a manager, a lack of liquidity, or internal or external fraud, you need to identify the most likely risks to your business. Certain steps must then be planned and documented, to simplify the recovery of your business and minimize the impact of such an incident.
For example, if your business was hit by a major fire while you were at home, you’d be inundated with calls and questions about employee safety, potential losses and how long the fire would affect business continuity. Preparing for natural disasters and cyber attacks is also crucial, as these incidents can occur at any time and without warning.
The benefits of planning
A business continuity plan offers many benefits, including an effective, planned response in the event of an incident. It also reduces your vulnerability as an employer and entrepreneur, and reflects a positive and responsible image of your company.
A step-by-step process
To establish a business continuity plan, it’s important to start the process with the creation of a simple, effective and action-oriented plan. It’s essential to define everyone’s responsibilities, contact details for those in charge and suppliers involved, and to document your procedures.
It is also advisable to assess and take stock of the preventive measures already in place. What is the remote working capability of employees? Are data backup procedures up to date? Have you provided your teams with training on fraud risks? These elements, which you have already put in place, can serve as a solid basis for your plan. It will involve anticipating these emergency situations and drawing up a preventive action plan.
Getting started with your business continuity plan
To help you get started with your own business continuity plan, the government has produced a ” Guide de gestion de la continuité des activités pour les petites et les moyennes entreprises québécoises “. Of course, this document can be adapted to suit your specific situation. The elements it contains should be examined and completed according to the specific needs of your business, your customers and your employees.
Be ready to continue in business, no matter what upheavals may occur!
An article by Marie-Claude Dagenais, CPA auditor
