What is it?
Emergencies can develop without warning, so you need to be one step ahead to ensure staff and customers remain confident in your reputation. Business Continuity Plans (BCP) help you to anticipate events, prepare, prevent then recover. In this case, you don’t need to anticipate, you know Brexit is coming. You’ve got at least two years to complete the next steps, and we’ve provided you with the tools (check out our resilience eBook) to dig yourself out of any possible holes within your business.
You’ve acknowledged the disruption to your business, now you need to consider the worst case scenarios and how they might affect you. For example, the leave from the EU has prompted concerns over staffing as immigration laws may be affected. Consider the extremist outcome this may have on your company. Planning what can go wrong costs very little and doesn’t have to be time consuming. But by doing this, you will be able to provide your business with better stability. Lack of planning could result in loss of contacts or even your business, whilst this simple process might prevent that.
North Yorkshire County Council offer free advice, which you can access by emailing firstname.lastname@example.org.
At How’s Business, we also have experts on board to support you, so check them out here.
Why is it successful?
Business Continuity Plans are useful because they allow you to prepare for the unexpected, manage risks and ensure your business can remain stable. If you prepare, then so can your staff, allowing them to know their roles in an emergency and business can run like daily. It’s about maintaining normalcy.
More importantly, it doesn’t just help maintain your business, but can also allow it to grow by providing opportunities to increase your revenue. For example, leaving the EU might alter trading links. To counteract this, you can look to alternative connections for trading such as America. By acting on this suggestion sooner rather than later, you could potentially find better contracts and deals before your competitors do. Investors will also be reassured that you have contingency plans and have trust in your business management.
If you’re expanding your business, you might also want to get better insurance coverage. By having a Business Continuity Plan, it has been found that you’ll be entitled to additional types of insurance, opening up new markets. Insurance firms also offer discounts on premiums if a client has a Business Continuity Plans.
For support on building up your preparation steps and prevention for Brexit, see our resilience eBook. Within it, there is detailed advice on the main problematic areas, such as HR and trade. You’ll discover how to make the most of your staff and their skills, especially the importance of development. This is why it would be useful to now set up a skills register for your employees; consider their strengths and weaknesses. Does anyone speak a second language? This could be beneficial if you expand exporting into a country where English isn’t the first language. The eBook will also explain how trading can operate effectively outside of the EU.
With effective Business Continuity Plans and our online resources, you will see resiliency as not an abstract idea, but something to enforce now.