COVID-19 – Business continuity & resilience planning
Business Continuity & Resilience Planning – it’s time to put a plan in place to weather this storm
Business planning and strategy is not a task reserved for “if” an external threat happens, it is a task that should be done right in the middle of a storm. We are riding that storm right now, and as “you know what” seemingly takes over our lives and businesses we need to bring in some calm…using PLANNING! Villa is a Service Provider for the Regional Business Partner Network and can offer discounted or free Business Continuity Planning Sessions*.
Planning has always been a key tool of ours when anxious or worried about external threats that we cannot control. Now more than ever we need to dial down the anxiety for ourselves and our employees and take stock of where we can tighten our belts and ride the rollercoaster. Villa is working with our clients to put together a Business Continuity Plan, a structured plan-of-attack to deal with whatever COVID-19 or any other threat throws at us (or is currently throwing at us!).
Nurture your and your family’s resilience
As a business owner, you’ll need to make some tough decisions over the coming months. It’s essential we look out for each other and speak out when we need help. This is a stressful time and it’s important we look after our mental health as well as offering mental health support to our team.
Your family should come first, always. It’s likely that setting your family up for success is your main reason for being in business. If you have children, speak to them about what’s happening in an age appropriate manner. Find out what they know and correct any misinformation.
Look at your personal budget and “trim the fat”. It doesn’t need to be complex, it could be as simple as totaling your expenditure from the last month or 2 to identify your monthly personal costs and removing unnecessary spending.
Plan for business resilience and continuity
Managing cash flow is essential for a business at all times but becomes even more important during times of uncertainty. Bear in mind that your customers and suppliers will also be concerned about their cash flow.
Preserving and bringing forward cash flow, and creating a war chest of cash reserves is important right now. Look out for assistance options from your bank, review your insurance policies and seek advice on how to best maximise the support available from the IRD. Every business is different, but cash flow is usually key for all of us so take action to preserve it!
Support your team
Your team members will be worried about job security. Be open with your team. Share your plan with them and be honest about the potential impact the pandemic will have on your business. If there are to be job losses, ensure you obtain legal and HR advice on the best way to handle restructuring, stand down, reduced hours, and redundancy processes.
Share your business plan with your team! They are part of your business and will be anxious about how they’ll ride the storm alongside you. Sharing your plans can help reduce their anxiety, too.
Supporting and retaining customers
If you’re still operating, reassure your customers that you are either operating as an essential business or your team is working from home. Advise them of any changes to your services and of your prevention and response measures.
Need help? Or just a chat to ease your concerns?
As always, the Villa team is here to help you. Please reach out and ask about how we can best support your business at this time. We have Business Continuity Planning sessions available
* Villa’s Business Continuity Planning Sessions are registered with the Management Capability Development Voucher Fund. Find out more by visiting www.regionalbusinesspartners.co.nz.
