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Greetings!
Business continuity is a topic that generally has not sparked my interest in my years as an entrepreneur. It's really not super exciting and, worst of all, it makes us think of all the things we don't want to think about -- natural disasters, death, disability and the like. Last fall, a professional group I'm affiliated with, BizEnrich, put together a program on business continuity planning for companies in the Green River Valley. These companies were smack-dab in the middle of a potential disaster area and many needed guidance on how to prepare for the potential consequences of a flood.
In talking with companies about this risk and the topic in general, I found a sense of resigation ("I can't do anything about it") and a very heavy reliance on insurance as a primary means for protection.
In talking to Pete DiSantis, one of the professionals putting together the program for BizEnrich, he raised a key question: "How long can your business survive with zero revenue?" That question struck me as a crucial insight. For me, it had always been about asset protection. This perspective was all about how a company can bring at least some revenue through the door during the disaster period. Interesting.
Over the next few weeks, our guest bloggers will offer more ideas on how to not only protect assets but plan to be possibly the only company still operating during a time when customers need you. My perspective touches on the fact that business continuity is not all about natural disasters... people disasters equally impact the business and steps can be taken to plan for that contingency.
Our Equinox Focus seminar is on April 28 and will be presented by myself and Pete DiSantis of Peter DiSantis Consulting Associates. Remember, the Equinox Focus program is free for active Equinox clients (those we've done business with in the past 12 months). Simply email us, and we'll add you to the roster for the program!
We all know planning is crucial yet often "back-burner" it. I love the quote by Eli Broad above about embracing risk. Being in business is risky -- planning helps you increase the chances of landing on your feet.
Sincerely,
Michelle
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| PEOPLE DISASTERS AND BUSINESS CONTINUITY |
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When we think of disaster recovery for business, images of earthquakes, fires, and floods come to mind. Thoughts about losses of expensive equipment, inability to access important data, and getting people to work and product out the door become overwhelming. We take comfort in the fact that we have property and casualty insurance and start to feel a bit calmer.
Natural disasters, where physical damage occurs to business assets making delivering to customers virtually impossible, are frightening to business owners. Surprisingly, though, the potential impact is not frightening enough to drive significant planning efforts. My sense is that this is due to the comfort offered by insurance and the feeling of helplessness to stop the effects of the disaster. Amazingly, though, some basic planning can make an incredible difference. I'll let our business continuity experts address these planning steps throughout the month.
I want to focus on how "people disasters" can also stop a business' operations in its tracks. People disasters are much more common in business and can be addressed through contracts, insurance, and creative planning. If a person is critical to the functioning of the business, the company should consider what would happen if that person was no longer involved with the company. Death, disability, voluntary departure, and involuntary termination are the most likely departure scenarios. In each of these scenarios, the company must find a way to replace the key employee. Planning allows the company to do so quickly and cost-effectively. Read More... |
| EQUINOX FOCUS SEMINAR |
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BEATING YOUR COMPETITORS THROUGH
CONTINGENCY PLANNING
April 28, 2010 2:30 - 4:30 pm
When thinking about business continuity planning, we immediately think of Acts of God that temporarily disrupt a business and destroying its physical assets. Business continuity, though, goes far beyond the physical damage and temporary disruption. Planning for business continuity offers a foundation for overall business planning as well, creating a business that is stronger and more able to withstand any disruption whether it be a hiccup or a catastrophe. In this workshop led by Pete DiSantis of Peter DiSantis Consulting Associates, we will start with the question: "How long can your business surive with ZERO revenues?" Knowing the answer for most is "not long,"...
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Equinox Business Law Group PLLC works with entrepreneurs and business owners to achieve balance in business. Clients receive strategic business and legal counsel to make informed decisions that accelerate the growth of their business. Our services and fee packages are tailored specifically to meet each business's unique needs. For more information or to set up a complimentary consultation, please visit our website.
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