Can your business continue running even during a pandemic like COVID-19?
Business continuity is a company’s ability to maintain key functions even as crisis, disasters, and other disruptions occur. Such disruptions include earthquakes, fires, or floods, but pandemics can affect your business the same way, even if it’s not happening where you live and work.
Is your business prepared?
How ready is your company to resume operations after a disaster? Ask yourself these key questions:
- What parts of my company need to be running right after a pandemic?
- Do I have a prioritised list and a plan for resuming operations?
- Can I get in touch with employees during a pandemic before or after business hours?
- Can we stay open for business if your supplies can’t be delivered?
If you can’t answer these questions, your company probably isn’t doing everything it can when it comes to business continuity planning. To get started, you have a couple of tasks to accomplish:
- Study the potential effects of a pandemic.
- Evaluate the risks specific to your business and location.
Once you’ve carried out a risk assessment, perform a business impact analysis (or BIA) to anticipate the possible consequences of business disruption due to a pandemic.
Some disruption scenarios include:
- Having many employees being absent because of illness.
- The inability to travel, enter buildings, or access assets due to quarantine.
- Having to temporarily close at least one of your branches due to the spread of disease.
- Interruption in your supply network.
To help deal with these scenarios, look into national and local government policies and the potential impact they may have on your operations and emergency plans. Assess the government’s capability to help your company and employees.
The BIA also establishes important services and functions that your business can’t do without. It considers people, facilities, IT, and suppliers answering questions like:
- What supplies are essential?
- What equipment do you need to conduct business?
- What’s the minimum number of staff you need to stay open?
- What process do we absolutely need to have?
- If business should close, what’s its impact over several days, weeks, or beyond?
Possible consequences to your company include the following:
- Lost or delayed sales
- Higher costs
- Customer dissatisfaction
- Damage to your reputation
- Regulatory fines
When evaluating the potential impact of a crisis, don’t forget to consider time.
Remember that when and how long the disruption occurs is important. A pandemic may take months or years to reach its full destructive potential, and could remain in that state for just as long.
The risk assessment and BIA will help identify disruption scenarios for your company and prioritise the order of recovery. Armed with this information, you’re ready to create a business continuity plan.
Business continuity
The business continuity plan is a step-by-step document for carrying out recovery measures after a crisis. It’ll likely include the following details:
- Contact information for key team members.
- Instructions for using the plan.
- Policies or industry standards to serve as references.
- Emergency response guidelines that define when the plan will be used.
- Instructions for recovering operations, relocating, and other activities.
- Additional references such as lists of alternate vendors and workspaces, emergency services, contacts, and more.
Roles in your plan
Assigning roles is a critical step in the business continuity plan. A typical structure would start with management, a business continuity team leader, and the following teams:
- The business processes team would focus on restoring all your branches to working order and making sure that employees and customers are able to travel as needed.
- The HR team would handle all healthcare issues presented by employees (e.g. policies for allowing infected employees to return to work, making sure all follow proper hygiene protocols).
- The customer relations team would help vendors, customers, and other business partners in reconnecting with the parts of your business affected by the pandemic.
Your business recovery strategies should monitor the status of a pandemic as reported via the World Health Organization and other official sources like the Centers for Disease Control and Prevention.
Business continuity is all about keeping things running smoothly and returning your business to a healthy and properly functioning state.
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An effective way to ease a pandemic’s impact is by outsourcing the work to a virtual team. Operating remotely helps you mitigate the risk of spreading the disease. At the same time, hiring a remote team helps you reduce your costs and burn rate.
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The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
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The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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