What is business continuity?
Business continuity is about understanding the risks your business could face, and developing strategies and plans to ensure continued
operation during and after a disruption.
A business continuity plan will allow you to analyze and understand which products and services are critical to your business operations.
It will introduce you to the risks and hazards to which your business may be vulnerable. Based on this information, you can develop strategies
to ensure that your business can quickly recover and continue operating through any type of disruption.
Most importantly, a business continuity plan promotes a safe environment for your stakeholders, your employees, and your customers.
Business continuity is not only for disruptions – it makes a business a safer place to work and contributes to financial stability
But I have business insurance...
Not all risks are insurable. Insurance companies may provide financial assistance but you remain out of business. A business continuity plan aims
to keep your business running and makes it easier to resume operations after a disruption.
No matter how big your insurance payout is, it cannot help you retain your customers.
In the 2013 Alberta floods, an estimated 180,000 workers could not go to work.
Companies unable to resume operations within ten days are not likely to survive.
The Institute for Catastrophic Loss Reduction (ICLR) predicts that Alberta will see a 10 percent increase in severe weather
events by 2050.
Practice fire safety and establish an evacuation plan.
Why should my business have an emergency management plan?
Being unable to provide your products and
services to your customers can seriously hurt your
business reputation. Stay open for business!
- Remain competitive by staying open for business.
- Reduce the financial losses you may incur.
- Identify the weaknesses within your business.
- Improve your dealings with banks, creditors, investors, and insurers by showcasing your appetite for business resilience.
- Protect staff and customers from harm.
Disasters big and small happen without warning. Having a plan in place before
a disruption can make for a more effective response and faster recovery.