For the first time since the 2009 global financial crisis, Singapore’s economy has already contracted 2.2 percent year on year in just 3 months into the new year. It’s been forecasted that depending on the situation, economic growth will be on the red: from -1 to -4. With the uncertainty of the virus’s situation and the probable subsequent wave of infections, businesses are still advised to be closed. Recession is the next probable outcome.
As such, businesses need to churn up a business continuity plan lest they bleed cash, find themselves unable to maintain working capital for stuff and facilities like office for rent to finally, shutting down. Small businesses especially, are even more vulnerable to economic downturns.
To prevent such an outcome, business continuity plan (BCP) is highly important in maintaining operations even under distressed conditions. This is further highlighted during this current crisis period. Here’s a look at what BCP pertains to and how to institute a simple plan for your business.
An Introduction To Business Continuity Plan
A business continuity plan is a laid down system that defines the business risks and probable situations and outcomes. This allows the team can figure out safety measures and procedures that will effectively mitigate the task. During this COVID-19 pandemic, many businesses invented ways to continue operations away from their traditional premises, and without key personnel. For instance, whilst it’s not favourable, many companies have moved their businesses online, now that the circuit breaker measures dictate that non-essential businesses are to cease physical operations.
Businesses with BCP would’ve foreseen this situation and would’ve come up with such measures to ensure their businesses stay running. Thus, the presence of a BCP should never be overemphasized. In fact, read on to find out how you can implement a simple plan for your company.
Spell out Preventative Measures that Prioritize People
Whilst you may deem your top-of-the-range office for lease or expensive equipment as your greatest assets in your business, that is far from the truth. Your most valued assets are actually, the people. Without those who physically run your business, your business will not have grown and prospered as how it did today.
Thus, implement measures that reflect how much you value your team. For instance, due to the spreadability of COVID19, businesses are encouraged to have their staff work-from-home and minimize contact. Even for those who are temporarily laid off, companies are advised to grant them monetary aid via pay, even if they aren’t able to work during this period.
Assign A Business Continuity Plan Core Team
If you’re not quite sure on what are the potential risks to avoid, you can start by engaging in a consultant that can help you draft out an elabrate BCP. Next, gather a group of reliable individuals to run the show. This team will plan the new work arrangement and the new operating model.
In a crisis, especially with one that requires all staffers to maintain physical distance, you will need to ensure open communication to ensure that the business is still running smoothly. Ensure that every person in your team has access to the BCP and they are informed of the things they should do and shouldn’t do at any given moment. Ensure that every employee is updated on any sort of developments.
Lastly, Keep the Ball Rolling
Most small businesses cannot afford to stay closed for a couple of weeks as they weather the storm. If yours is as such, you’ll need a good plan to keep it afloat during the COVID-19 pandemic. These tips will help you come up with a robust BCP.
At Greenhub Singapore, we offer you office services that you can still engage in despite the global pandemic. Our virtual office services allow you to operate your business without having to incur any financial loss of an unused office. Offering you access to the plethora of services, Greenhub Singapore strives to give you an avenue that allows you to maintain your business at its optimum.