IG is currently a Business Development Executive with over ten years of experience in different industries.
Some organizations fall off the road when the ride gets rough, keeping them out of business for a while. What should they do to overcome such challenges?
An organization’s awareness of business uncertainties isn’t enough to keep her safe when such eventualities occur. What sustains a firm instead, in the face of contingencies is preparedness.
Successful organizations have business continuity strategies that keep them moving even in rough terrains; the question is; how is a business reinstatement plan developed?
To be ready for exigencies, you have to examine both your internal and external environment; to take decisive initiatives at critical points.
Regulatory commitments, security, workforce availability, motivation, demand, stakeholder satisfaction; are possible triggers for unforeseen events that you should monitor.
A critical investigation of internal and external environmental factors is necessary for an organization to identify patterns, trends, and possible triggers. With this investigation, the organization becomes more proactive in its approach.
The first step is to develop a system to capture the events under scrutiny, monitor and analyze them. The results will undergo the necessary evaluation procedures based on predefined assessment parameters. It is vital to do documentation at every stage of the process, as this will aid the creation of templates for future use to track and manage emergencies subsequently for the organization.
Understanding the trends, as well as the techniques, tools and technology used to capture, record and analyze these trends and occurrences is vital in helping organizations control uncertainties.
Organizations that meet regularly to explain the discoveries that they uncover, create enlightened employees to combat emergencies. An integrated and comprehensive approach will manage risk-related information better.
Heads of firms should dedicate resources to information sharing so that stakeholders are updated with the implications of findings, regularly.
The results of the findings should necessitate the idea generation and mapping.
Idea generation is a continuous exercise aimed at proffering solutions to both current and impending problems. Idea mapping in this situation is the allocation of resources to solution components.
Firms should always dedicate time and resources to research and development. It will enable them to plan and prepare adequately for surprises; both known and unknown.
Every brainstorming session should yield answers to present or imagined problems. Participants are encouraged to do a brain-writing session on their own before the brainstorming session begins.
As mentioned earlier; participants shall consider emergencies that have occurred in the past and those that have not. If you can imagine a risk; then it is possible. However, knowledge is not enough to keep risks in check because there are occurrences that you never imagined could occur, yet they happened.
There are several considerations to make during planning for foreseeable risks. The identification, impact, possibility of occurrence, profile and mitigation strategy should all be in place for known emergencies. For unknown emergencies, it is wise to earmark a reasonable amount of resources.
In getting prepared for an incident, an impact assessment is very crucial. The impact assessment states the extent to which the company may be affected should the risk in question happen. It should also include the likelihood the such an event will take place. The former and latter make up the risk factor. The higher the risk factor, the higher the profile, and the more critical.
Most times verified information, perception and intuition come into play when developing your risk profile but the standard, is to consider expert advice from risk management professionals.
A risk profile itemizes in hierarchical order, possible risk events starting with those with the highest impact. Assign a prevention, mitigation, arrest or avoidance strategy to each element of the risk profile including; the necessary resources.
The implementation strategy is what informs the planning team of what is needed to be in place. Preparation should follow immediately after planning. To prevent an exigency; there must be genuine readiness; training and the positioning of adequate and accessible resources.
Without responsibility, it is almost impossible to manage business uncertainties. You must assign responsibility to risk owners who would activate the emergency response strategies should there be need. The risk owners shall also monitor the system for warning signs, engage in drills, and shall be held accountable for defaults.
Drills, simulations, table-top exercises are all forms of readiness that fortifies action. Action is dependent on the risk strategy; one that spells out what to do in the event of a crisis. It is not possible to manage irregularities totally but, you can control them satisfactorily. Planning is crucial but what is more important is the level of experience, knowledge, expertise and willingness of the risk owner to apply the competency in combating the anomaly that may occur. Companies are thus, advised to employ and empower only those who have the innate characteristics to face typical business challenges.
The impact of an unprecedented business shakeup could wind up a firm if it affects the powerhouse of that firm deeply. It is vital to ensure timely interventions for business stimuli. If a firm has to plan and prepare all over again, each time there is a change; they may miss it in the long run.
Companies with enviable records usually institute risk management centres. These departments ensure swift responses when duty calls. They also plan, track events, manage issues, research and update management on developments that may affect the company adversely.
Finally, Do not be left behind. Do not wait until something happens; plan for emergencies. Identify, investigate and evaluate the risk triggers to profile them and map them to management strategies. Then, assign a risk owner to monitor your emergency triggers always and take decisive actions as soon as possible.