Updated: Aug 31, 2022
As we start going back to the "new normal", we are witnessing fire crisis, protests, viral outbreaks, embargo and trade tensions, stock market volatility, droughts, supply chain failures and cyber-attacks. A number of disruptions that rippled out to many businesses and even people we know. While these events are often seen as an act of God (thus unforeseeable) impossible to plan and anticipate, we opt for preparedness.
Just like we all have personal contingency plans for a number of small to big things in our personal lives – whether it is having a back-up key to the house, having a social network one can depend on for regular tasks when one is held up, we can also apply the same level of care to our profession and clients. All businesses, now more than ever, will value advisers who think of not just outcomes, but also have contingency plans in mind so that business can operate with minimal crisis in case of descriptions.
Now more than ever before, we must sharpen our approach to business continuity. We all have a role to play and it’s vital that everyone knows what is expected of them should an unplanned event occur.
What is Business Continuity Planning?
Put simply, Business continuity planning (BCP) is the process of creating prevention and recovery systems. The plan starts with evaluating assets and human capital that need priority protection and require minimum functioning levels the event of a disaster. Thereafter, the plan addresses recovery protocols to regain optimum functioning levels. Click the link to watch this short video on business continuity.
What should my approach be to BCP?
After months and collaborating with key stakeholders and businesses, we have developed our new Extax Business Continuity Standard. We encourage you to read it and think about what you would do if you face an unplanned event.
We plan to issue further guidance in the upcoming months including resource materials available, so please watch this space. For select stakeholders of Extax Advisory, please request access to our business continuity toolkit which will include templates, information and guidance.
In the spirit of caring for one another and genuinely caring for each of our stakeholders, let us remain prepared and focused.
Let us stay safe and do contact us for any advice on business continuity matters.