How your company could survive if your key people couldn’t work

Active Brokers | The Self Employed Mortgage Experts

What would happen to your company if tomorrow your office/workspace was burned down?  What would happen to your company if all of your key people were ill at the one time (or worse)?

Do you have contingency plans should the worst happen?  If not, then you should really think about doing so.

It’s called a Disaster Recovery Plan.  In the corporate world, large companies have disaster recovery plans for all kinds of eventualities (including terror attacks on their location).  This includes things like:

  • Off-site Data storage, where regular (daily) backups are stored on physical storage devices and sent to an off-site data store where it can be accessed later if needbe.
  • Having multiple working locations and data storage locations so that if one office goes down the others can step in and share the workload/functions.
  • Secondary office space where staff can be sent to in order to continue working and keeping the company going.
  • Designated staff that have been trained in key functions and can step in if key people are ill/unavailable.
  • Prepared media statements that can be published in the event of a disaster that stops the company functioning at all.

This means that the large company can be sure that they can still function in the event of a disaster that wipes out their main working location or key staff.  This means that they can restore to working order quickly, with minimal disruption.   This is great news for investors and key stakeholders who have invested in stock with these companies.

However, most small businesses don’t have the money to do all of these things.  You might not have the budget for multiple working locations or continuous rented secondary locations.  So what can you learn from the big boys and implement into your business as a disaster recovery plan?

If you’re a small business owner, you could take the ideas that the big companies do, but on a smaller scale, such as:

  • Having a physical backup of your company data that one of the company directors takes home with them and stores it there.
  • Having the option of renting co-working office space if your main office/workspace is unusable for any reason.
  • Key staff being able to work from home should the worst happen.
  • Key staff being shadowed by ordinary members of staff so that they can step in if needed.
  • Having a written plan that every staff member has access to, that tells them what to do in an emergency

This should allow your company to do the same things that large companies do in a disaster.  It also allows for key staff taking time off for things like sickness, holiday and maternity.
So if you haven’t got a plan at the moment, maybe start thinking of one because you never know when your company might need it.

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