Coronavirus 51 of companies lack business continuity plan to combat outbreak
A very timely and relevant topic!
According to a recent survey, 51% of companies lack a business continuity plan to combat the COVID-19 outbreak. This is a concerning statistic, as a business continuity plan (BCP) is essential for ensuring the continuity of operations during a pandemic or other crisis.
A BCP outlines the procedures and protocols that a company will follow in the event of a disruption, such as a pandemic, natural disaster, or cyberattack. It helps to minimize the impact of the disruption on the business and ensures that critical functions and operations can continue to run smoothly.
The lack of a BCP can have serious consequences, including:
- Disruption to supply chains and operations
- Loss of revenue and market share
- Damage to reputation and brand
- Difficulty in recovering from the disruption
The survey also found that many companies are not prepared to handle the remote work arrangements that are necessary during a pandemic. This can lead to difficulties in maintaining productivity, communication, and collaboration among employees.
To mitigate these risks, companies should consider the following steps:
- Develop a comprehensive BCP that outlines procedures for responding to a pandemic or other crisis.
- Identify critical functions and operations that must continue to run during a disruption.
- Develop contingency plans for remote work arrangements, including technology and communication protocols.
- Conduct regular drills and exercises to test the BCP and identify areas for improvement.
- Communicate the BCP and contingency plans to all employees and stakeholders.
By taking these steps, companies can reduce the risk of disruption and ensure business continuity during a pandemic or other crisis.