Disaster-proofing your business
by Tamanna Bhasin | October 7, 2024 11:10 am
The COVID-19 pandemic exposed most businesses in Canada to conditions that many people never thought could or would happen. Pandemics are just one potential event that can cause business disruption. Now that the pandemic has passed, we must prepare for other events that could cause business disruption.
Power grid failure, earthquakes, severe ice and/or snowstorms, volcanic eruptions, tsunamis, or even a riot … Not all these events will happen in all geographic locales. Still, every area has its own potential risks. The likelihood of these events is low, but the impact on one’s business can be catastrophic—more so if one is unprepared. Unfortunately, one of the potential aftermaths is not only store closure for extended periods but also loss due to theft.
Forming a response plan
Although most businesses do not draft such a plan, companies like financial institutions are required to create business continuity frameworks to prepare for these types of incidents and to conduct various exercises to test them. Planning for these events from a business standpoint involves considering the possible events that could occur, and then drafting a response plan for each potential risk.
There are several things to consider when developing a response plan. This brainstorming stage must focus on how the key segments of your operation will continue if a certain event were to come to pass. Some elements to consider are:
- Essential services/functions
- Human resources (staff and personnel)
- Key customers and suppliers
- Critical business partners or support providers (banks, merchant accounts, etc.)
- Action plan for maintaining essential service/activity
Making space for flexibility
The response plan should take into account all of these elements and be structured according to priority—what needs to be done first. Is it securing merchandise, or is it communicating with staff and clients? Those decisions are dependent on and unique to each business.
However, a plan that is staggered or rolled out in stages allows one to adjust to the severity of an event. This provides additional flexibility to then wind-up continuity operations as events unfold and to wind down continuity operations as events diminish.
Business continuity planning is not an arduous task—given the pandemic event and the steps many have taken to manage their operations during the event—foundations for long-term disaster planning are likely already in place. The experiences garnered through COVID-19 would be valuable in creating a plan for future events. The next event may not be for several years, and many of the things that have been learned through the pandemic event may be lost if they are not captured now.
Jewellers Vigilance Canada (JVC) is a non-profit subsidiary of the Canadian Jewellers Association. Based in Toronto, the mandate of JVC “is to advance loss prevention within the jewellery industry.” JVC also works closely with law enforcement agencies in Canada through their Crime Prevention Program. For more information, visit www.jewellerycrimecanada.ca.
Source URL: https://www.jewellerybusiness.com/features/disaster-proofing-your-business/