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Putting plans in place provides reassurance, and can save your business in the case of a sudden crisis.If you have any questions or concerns about potential risks and how to plan for them, make sure to talk to trusted advisors (Ed Lette is Founder, Vice Chairman of the Board of Directors at Business Bank of Texas.Decide what is absolutely necessary to continue business operations, and ensure those resources will be available when you need them.
Fortunately, some risks are relatively easy to anticipate.
Does your business’s location put you at risk for hurricanes or earthquakes? What about changes in the workforce, like maternity/paternity leave?
For most companies, losing sensitive data relating to clients and customers is not just inconvenient; it’s also a threat to the company’s reputation and security.
Backups help you rebuild your network and system no matter what happens so you don’t have to start from scratch.
In times of innovation, economic shifts and workforce changes, business models and structure will continue to transform over time.
Business Contigency Plan Research Paper Front Page
This means it’s crucial to review and update the process in your plan regularly to account for any new policies, economic factors, or other issues relating to your business.But unexpected circumstances can occur and derail day-to-day operations.Crises such as natural disasters, injuries or death, sudden windfall of cash, cyber-attacks, equipment failure and fraud can unhinge the stability of the company.As a business owner, you have a lot of control over your financial health.Committing to best business practices can ensure positive growth and prosperity.Assign who will have access to documents to act upon and define roles for specific events like cyber attacks and evacuations.Creating a step-by-step plan of action will help set expectations and provide clarity in an event of a disaster.Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.According to the last security breach survey [PDF] conducted by the Department for Business, Innovation and Skills (BIS) 76% of large organisations and 83% of small businesses believe security is a high or very high priority to their senior management.But when you’re busy handling emergency situations, your team needs to know how to stand on their own.Identify employees’ abilities, and delegate responsibilities accordingly.