Business Continuity Planning for SMEs
Further to Leo Varadkar’s address to the nation on Saint Patrick’s Day, we’re in the unfortunate reality of coming to terms with our new existence – professionally and personally. It’s an incredibly challenging time for businesses across the globe, especially for those in the leisure and hospitality, tourism, transportation, childcare, retail and energy sectors to name a few. Where will we land, who knows – it’s too soon to tell, but I have every confidence that we will spring back and when that time comes, people will be more committed that ever to supporting local businesses and SMEs.
For most SMEs, the spread of coronavirus has been met with bated breath and the attitude of "wait and see," but now our hand has been forced to determine some form of continuity plan as the uncertainty sets in. While very few industries will come away untouched by COVID-19, many businesses especially those in the technology and professional services space are fortunate to be in a position where they can conduct their business in a somewhat normative manner - leveraging technology and the privileges afforded to us in the developed world… at home wifi. So, what does this mean for your business?
Establishing a definition of business continuity planning (BCP)
First things first, what is business continuity planning? Why is it important to the longevity of your business? Well, the situation coronavirus has caused demonstrates just how important it is to have some form of continuity for your employees and clients in place. It's essentially coming up with a backup plan for when unforeseen situations arise and developing a plan for how your business will function in less-than-ideal circumstances. This is especially important if you don't have the flexibility and or resources to set up your team to work from home right away.
Business continuity planning is considered a best practice initiative on continents such as North America, where states and provinces experience extreme weather conditions annually (earthquakes, tornadoes, flooding) and prepare for their likelihood, but it's not a front of mind strategic imperative for many SMEs in Europe.
This is mainly because objectively looking at your business and planning for worst-case scenarios requires time and resources, which might not be something you have an abundance of. Between trying to work through day-to-day operational issues and customer demands, there isn't much left to dedicate to something like this. And while larger corporations can commit incredible amounts of spend and resources to plan and put the infrastructure in place to support BCP, this is not generally the case for SMEs.
What do you need to include in a business continuity plan?
Here are some questions to consider that will help create the foundation of your plan:
Assess your key business areas
What key business areas absolutely must operate?
Who are the key employees involved?
Does absolutely everyone need to be on-premises all the time?
How much work can be done off-site?
What infrastructure is in place (i.e. ) technology, that can help employees work remotely if needed?
Do an equipment and technology audit
What company equipment do people have access to that will help them do their work?
If employees do not have access to company equipment, are they ready and willing to use their personal devices if needed?
Are there data protection and security measures in place for employees working remotely, whether on company devices or personal devices?
How is employee communication going to be handled and what channels are best?
Think about your customer and client needs
Which clients and customers will you prioritise?
How can clients and customers get in touch with you and/or other managers?
What channels do you prefer clients and customers communicate on, and has this been conveyed?
These are the key parts of your company infrastructure that need to be included in your BCP. Work with your employees to understand their concerns and develop solutions based on their needs when putting together the plan. If you have the luxury of time to conduct a pilot test of your BCPs effectiveness – that would be optimum, but in lieu of this it’s OK to revisit what is and isn’t working as you figure things out, just be sure to engage your team in the process.
Communication with your team during the COVID-19 outbreak
As we work to find our new normal with COVID-19, it needs to be stressed that communication with your team has never been more important. Employees are understandably anxious and uncertain of what lies ahead. You won’t be expected to have all the answers, but as a business leader you must recognise the power of your words and actions. Fortunately, there are a multitude of virtual mediums that you can use to engage in an ongoing dialogue with your team, be it through instant chat, email, video conferencing or dare I say it… picking up the phone. Now more than ever it’s important to lead by example and encourage a buzz of cross team communication - to ensure your team feels connected and in the loop.
Don’t be the wizard that hides behind the curtain. Sadly, for some businesses the reality of COVID-19 on their bottom line might mean short term lay-offs, but for many redundancies are inevitable. My advice on this is to demonstrate that you have considered alternative work arrangements (e.g.) all staff receiving a 20% reduction in salary for a period or partaking in a reduced work week, if that’s feasible. Followed by short-term lay offs, with the promise of returning to work when things turn around, and finally looking at redundancies. It’s a turbulent time and while devastating, people will understand your hand is being forced - be human and honest.
What next?
As we continue to monitor the situation that emerges around COVID-19, the need for a strong business continuity plan will become imperative. While some countries will recover faster than others, the ripple effect will be felt for a while. If you are not sure where to start, please see link to some resources here.
God speed to anyone reading this post, but please recognise you’re not alone. We’re all in this together and we will persevere that I am sure of!
