Importance of Business Resilience Planning for Pacific Businesses
Business resilience planning helps protect your business, its assets and employees against problems or threats which may arise in the future. Having a plan in place to cope with natural disasters, terrorism, pandemics or health and safety events help to reduce the risks to your business.
Businesses within the Pacific Islands are especially vulnerable to external threats, hence investing in business resilience planning is crucial to rapidly adapt and respond when necessary.
What’s Involved with Business Resilience Planning?
As a Pacific Islands-based business, being able to respond immediately to extreme weather events or whatever crisis is occurring gives you a significant advantage over a business which doesn’t and puts you on a faster path to recovery. You achieve this by having a resilience plan in place for your business, which includes information for various scenarios about:
- Impact analysis – what is likely to occur and what will the repercussions be?
- Emergency response plan – details on how your business will respond and who is responsible for each part
- Succession plan – should the owners or management be unable to take action, this details who is next in line to do so. This can also include a delegation of authority
- Insurance – from business interruption through to property and wages, this identifies your existing insurance policies and what they are likely to cover
- Loss prevention – what steps will be taken to prevent theft from your business?
Upon having the documentation and a plan in place, your business will be well placed to respond appropriately and mitigate damage when required.
Benefits of Business Resilience Planning
Investing in business resilience planning assists Pacific Islands-based businesses to:
- understand the potential risks they face and how to mitigate them
- have the ability to recover from natural and financial disasters
- help protect the value of their business for themselves, partners and shareholders
- be able to rehearse and implement a response appropriate to the situation at hand
- identify ways their business could potentially pivot and adapt, filling a new gap in the market
At Business Link Pacific, we can connect you to a local business advisor with the skills and experience necessary to help you through your business resilience planning requirements. Connect with us today and help your business prepare for tomorrow.