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2020-04-26 03:44:03coronavirusEnglishWith all that's going on in the world, you may be worried about the survival of your business. Here are some tips to build a buisness...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2020/04/business-continuity-plan.jpghttps://quickbooks.intuit.com/au/resources/coronavirus/business-continuity-plan/How to build a business continuity plan

How to build a business continuity plan

4 min read

If you thought the coronavirus was going to blow over, you’re not alone. Most of us never imagined a world with empty restaurants, cancelled sporting events, and social distancing. So if you’re a little behind on creating a business continuity plan in light of recent events, don’t feel bad. There’s still time. And this step-by-step guide will tell you how.

1. Define the problem you’re trying to solve

Guidance is evolving every day. So it’s understandable if your business continuity plan is more like many continuity plans for:

  1. What to do if an employee becomes infected.
  2. What to do if everyone has to work from home.
  3. What to do if a supplier can’t provide materials.
  4. How to manage employees in different locations.
  5. What to do if your business can’t or doesn’t have work.
  6. How to pay employees when you’re not sure how to make payroll.

And that’s fine. The point of a continuity plan is to think ahead to how you want to manage your business’s worst-case scenarios. So before you do anything else, acknowledge your fears. What are the biggest problems that could come up for your business during a pandemic? Now, let’s create a plan.

2. Trust experts to guide you

As you think about how to solve the problems you’ve identified, you’ll want to do some research. The small business services, state and Federal government are working around the clock to provide the best advice. Great resources for business owners include:

  • Business.gov.au. Refer to the relevant sections on support whether you’re a sole trader or employer. A wealth of information and newsletter signup for the latest updates as the situation develops.
  • State and Territory information on grants and assistance. Follow the relevant links on this page for information on support in your state or territory.
  • Safe Work Australia. Browse a range of resources for employers including what to do if an employee has Covid19, how to prepare your workplace and how to work from home.

3. Create a task force to solve for each problem

You might be the head of your business, but no one expects you to solve every problem. After all, isn’t that why you hired great minds? Now is the time to practice transparency and teamwork. Bring your best people in and divide your biggest problems among them. Now, you have project drivers for each.

The beauty of assigning a driver to each problem is that no one has to work alone. They’re merely the most devoted player, or the person making decisions when solutions arise. Ask each driver to come back with one or two proposed plans for dealing with each problem. Then spend some time discussing each proposal.

Allow each person to draw on personal experiences to find the ideal solution. Someone with a financial background, for instance, may have different concerns than someone with a communications background. Have each driver submit a new plan based on the feedback they receive, then make a decision.

Now, rather than building out one continuity plan at a time, you’re addressing them all at once. If one of your worst-case scenarios becomes a reality, you’re ready to react.

4. Consider each solution on a micro level

You’re almost ready to finalise your plans. But there are a few more things you need to consider. Most notably, your employees. Drivers proposing solutions should be working with the best intentions for their fellow team members.

A good continuity plan takes into account:

  • Employees
  • Customers
  • Investors or shareholders
  • Your community

But even good plans run the risk of excluding key players, like contractors, part-time employees, and interns. In trying to make a solution that fits everyone, it’s easy to overlook individuals. That’s why the next step in your continuity plan is to think about specific people. Pull a list of employees at random and run a hypothetical test. Does the solution you’ve created work just as well for one employee as it does for another? Maybe not.

For instance, a plan that asks employees to come on-site but practice social distancing might not work for those with compromised immune systems. Now is the time to make exceptions—or, at least, open the door for exceptions—should an employee have specific needs.

5. Document everything and make it accessible

Once you’ve created your business continuity plans, share them with the rest of your team so that everyone is on the same page. Having a plan on paper will help teams hold each other accountable, should a worst-case scenario become your new reality. And don’t worry if something changes. It’s OK to alter your plans. Just keep your people in the loop, so they don’t fall behind.

If this article was helpful, head over to QuickBooks Resource Centre for more ideas on how you can get your business through Covid19.

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This content is for information purposes only and information provided should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does it have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. cannot warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers should verify statements before relying on them.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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