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We have seen some extreme weather events (fires and floods) and ‘acts of God’ (earthquakes and tsunamis) in recent times. Whilst it makes for compulsive viewing on the television, as a business owner it should also give you a jolt. If you are unprepared, such an event can spell the beginning of the end.

Here are some more interesting facts to consider:

Many of the 18,000 businesses in the flooded areas of Louisiana after hurricane Katrina were lost forever, because their business assets were destroyed, their employees dispersed and their market completely disrupted.
According to the United Kingdom’s National Audit Office four out of five companies don’t recover after a major fire.
150 of the 350 businesses affected by the bombing of the World Trade Centre in 1993, (more than 40 per cent) failed to re-open, with most owners/managers readily admitting that the reason was their inability to cope with the disaster. Even more ceased to exist after the 2001 disaster.

More often than not, shortly after a disaster, you and your staff will be distracted by an overwhelming number of things you have to cope with that completely paralyse your productivity. By the time you’ve found new premises, leased new equipment, had your services connected and notified your customers and suppliers – you’ve lost revenue at a time when it’s needed the most.

Consider the case of the small but highly profitable Australian design and production business that was devastated by fire, destroying all its equipment and badly damaging the building. Fortunately, the company was insured and back in operation at the end of the next quarter at another location. Unfortunately, while it was out of action several of its major customers had given their business to the firm’s competitors. Two years after opening in its new premises, the company was bankrupt.

Having a continuity plan in place (and most importantly at your fingertips) will give you piece of mind.

The team at ThePrime AdvisoryGroup will help you conduct a thorough risk assessment to help you identify potential hazards, assess the probability of their occurrence and estimate the severity of their potential impact and allow for contingency planning.

To discuss your Business Continuity Planning requirements, please contact Christian Borkowski or Peter Gooden or book an appointment.

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