What is a Business Continuity Plan?

Does Your Business Have a Continuity Plan?

You’re not alone if you’re asking, “What’s a business continuity plan?” Many small businesses don’t have one. But if you have any kind of disaster plan in place, let’s start with that. 

A business continuity plan helps you create a process that you can follow before and after your company experiences any kind of disaster. Many plans include recovery from weather-related catastrophes, fire, and theft. These plans can be adapted for the coronavirus outbreak. 

A business continuity plan will have many parts. For our current situation, cash flow planning can be an important first step. You can use multiple scenarios, for example, revenue levels, to determine how much cash you might need for the next few months. 

Evaluate inventory, supply chain, project backlogs, staffing, cash, and other areas of your business to project how things will change from normal operations. Protect your various business functions – HR, IT, accounting, operations, and administration – during this time. Now might also be a good time to evaluate if there are any system implementations that can or need to be made to increase your business functionality.

If you need help building your resiliency, or even just projecting your cash flow for the next few months, please reach out and let us help.