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A business continuity or crisis management plan can help your business navigate disruptive events like COVID-19 (coronavirus) and get on the road to recovery.
Life is full of unexpected events that can derail even the most robust businesses and economies, and the world is experiencing one now with the COVID-19 (coronavirus) pandemic. No one can stop unplanned and unexpected events from happening but what businesses can do is create a plan for when a crisis hits. If you’re a business owner, it’s more essential than ever to ensure you have a business continuity plan to guide you through the crisis and out the other side.
Just as it's important to update your business plan regularly to help you achieve your goals, you can also respond better to challenges such as COVID-19 (coronavirus) with a regularly updated business continuity plan.
Extreme athlete and motivational speaker Turia Pitt says a good way to face challenges is by building a strong mindset. "A strong mindset won’t stop hard times from happening," she writes on her blog. "But it will change how you handle them." Mindset is also the key to risk management in business: rather than worrying about disruptive events that might happen, focus on the steps you can take each day to prepare a response.
Start with a risk management plan that identifies:
Australian emergency management agencies use a risk management model called PPRR – Prevention, Preparedness, Response and Recovery. It also works well for businesses — and can help save time and money. The four main action strategies are:
Risk analysis can be a fine art, though, at a basic level, it can help to rank risks by the severity of their impact on your business. Some risks, such as fires and medical emergencies, will need response plans that cover several levels of impact.
An incident response plan will identify several levels from mild (toaster fire) to high impact (building fire) and your corresponding response. High impact risks will typically demand more of your people and resources when you must respond, so you'll need to identify:
Some risk incidents give you plenty of warning, so if you know how to spot them early, you'll have more time to prepare for and reduce their impacts. Others might happen suddenly, but ensuring your risk management and business continuity plans are up-to-date will help you respond faster and more effectively.
Download some useful templates to help your business prepare