Okay, so you want to make sure your business keeps running smoothly no matter what? Smart move. Let me tell you, disasters can strike when you least expect them. Picture this: you spent years building your business, it’s thriving, and then BAM! A hurricane hits, or a pandemic sweeps through and everything comes to a screeching halt. Not cool, right?
Well, fear not my friend, because I’ve got some tips for you.
First off, you need a plan. A Business Continuity Management System, or BCMS for short. This basically means you’re covering your bases for any unexpected disruptions that could affect your business. Like a financial safety net, but for your company.
Now, I know what you’re thinking: “But where do I even begin?” Here’s where ISO 22301:2019 comes in. It’s a standard that helps businesses establish and maintain their BCMS. Think of it as a blueprint. Don’t try to reinvent the wheel. Trust me, it’s been tried and tested.
But what are the benefits?
For starters, having a BCMS in place can help prevent or minimize any potential damage caused by a disruption. It also gives your clients and stakeholders confidence that you’re taking their needs seriously and are prepared for anything that comes your way. Plus, it can help you comply with any legal or regulatory requirements. And who doesn’t love being compliant?
So how do you get started?
First thing’s first, identify potential risks that could impact your business. These could be natural disasters, power outages, cyber-attacks, pandemics, or even something as simple as an employee quitting suddenly. Once you’ve identified these risks, you can start developing a plan to minimize the impact of these events.
What should be included in your plan?
Great question. Your plan should include:
- A detailed analysis of your business operations and critical functions.
- Risk assessment and management strategies.
- Communication plans for internal and external stakeholders.
- Training and testing programs for your staff and emergency personnel.
- Back-up systems for your data, systems and processes.
It may seem daunting, but there are professional services available to help you build and implement your BCMS. For example, companies like ICT Protect and TUV Rheinland offer business continuity planning and management services.
But what about trade credit?
Another potential risk to your business is trade credit. This is where you sell goods or services to a customer on credit terms, i.e., they pay you later. While this can be a great way to increase sales and grow your business, it also comes with risks. Customers could go bankrupt or fail to pay you back. That’s where QBE Malaysia comes in with their trade credit risk management model.
Their model helps you assess the creditworthiness of potential customers and ensures you have adequate protection in place in case of payment defaults. It’s like having a virtual bouncer at the door of your business, making sure only the good clients get in.
But what about IT continuity planning?
Ah, IT. The backbone of most businesses these days. Can you imagine your business running without your computer, website or email system? Nope, me neither. That’s where IT Service Continuity Management (ITSCM) comes in. Essentially, it’s a process for ensuring continuity of your IT services in the event of any disruptions.
Now, I’ll be straight with you, the technical side of ITSM can be pretty complex. But the good folks over at Not BAU have you covered with their ITSM on a page diagram. It breaks down the process into a simple, easy-to-understand visual.
So, what have we learned?
A lot, my friend. We’ve learned that disasters can strike at any time, that having a Business Continuity Management System in place can protect your business and give you peace of mind, that trade credit and IT continuity planning are important factors to consider, and that there are professionals out there who can help you navigate it all.
Don’t wait until it’s too late, start planning today with these helpful resources:
- ISO 22301:2019 – Your BCMS blueprint.
- ITSM on a page diagram – Simplifying ITSM one page at a time.
- QBE Malaysia – Protecting your business against trade credit risks.
- ICT Protect and TUV Rheinland – Professional BCMS services to help you plan and implement your system.
Now, go forth, my friend, and protect your business like the precious, beautiful thing it is. And remember, disasters may happen, but you got this.
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