RETHINKING BUSINESS CONTINUITY PLANS WITH COVID-19

As we're all doing what we can to individually survive this current COVID-19 pandemic, many questions have surfaced regarding how we can work to protect ourselves from similar, devastating impacts recurring in the future. 

While we see many scrambling to manage and reduce suffering associated with this terrible pandemic, the questions for the future remain...what can we do?

At this time, some groups are talking about how we will likely see an uptick in the availability of pandemic insurance in the future for businesses, but in the meantime, much of this type of preparedness will likely occur on a personal level.

For our household, we were fortunate in the beginning, as we generally maintain months of critical supplies; however, it was still quite a surprise to note that paper supplies, as one example, were completely sold out and unavailable from all store shelves that we reviewed (at least 4 different stores), for at least 3 and a half weeks. 

We also took note of food items we normally use that were sold out, so that as we plan for future crises, we maintain awareness of which product shelves were empty, so that we can purchase these products in advance and maintain ample supplies for future concerns.

We can use a similar approach for business continuity planning in the future, in terms of maintaining extra supplies on hand, so that we have the tools needed to keep the business running as well.  Very few of us would have imagined even the possibility of a pandemic impacting us the way it has thus far, but now it is here.

The infectious spread rate combined with shocking mortality rates of both physical and financial well being are reminding us of how quickly our lives can permanently change in nearly an instant.

As we slowly get back on our feet and recover from this devastation, I implore you to make a little time to document what worked well, and what is dysfunctional in your business at this time.  Describe areas of preparedness, and areas of struggle.  Identify areas you will improve in the future, and create an action plan now that can help you to get there.

We may not be able to predict pandemics, but the better we can anticipate our future needs, and set aside reserves, the better chance we have of thriving during crises.

Stay safe.

TAI, Inc.