Business Continuity Management – Formula for Tough Times
Optimization? Lean Management? Looking to identifying business processes that create value and improve business performance? Did you know that a Business Continuity Management (BCM) program can assist and/or provide direction to meet these requirements? With the current economic climate, it is time to think “outside the box” of BCM as just a plan. Let’s revisit its value and foundational components that contribute to the optimization of an organization and its survival. BCM in the context of total business operations is concerned with some of the following in the event of a natural or man-made disaster:
- Delivery of essential customer goods and services
- Maintaining competitive position – keeping competitors from filling the demand not met by the organization
- Maintaining cash flow to vital operations
- Meeting high-consequence legal obligations
- Environmental Health and Safety
- Continuation of in-flight capital projects
- Essential staff and stakeholder communications
Sound governance practices should consider the current Alberta and Canadian economic situation as a trigger to review the BCM program, if there is a current one. Failure to do so could induce significant financial impacts to an organization and its continual success. The signs of threats to business viability that point to a long-term situation, or possibly even the new norm, should be evident. By revisiting some of the building blocks of the BCM program, it becomes clear the validity of their importance. Such as:
With this in mind, the BCM program should consist of the following steps and deliverables. This is required for an enterprise without an active and managed BCM in place.
And this is for those enterprises with an operating and managed BCM currently in place.
These factors indicate and support the conclusions:
- Conventional cost-cutting through lay-offs and employee attrition have run their course.
- Expectations of short-term economic recovery are not realistic.
- There needs to be serious consideration to additional steps that are more in line with the current situation.
- BCM should be the first step. It will likely lead to other actions that will address the need.
Gilmore & Associates has the expertise to help. Call us and explore your options.
George Rafael, Senior Principal at Gilmore & Associates Inc. in Calgary. Wanda Holomis is an Associate at Gilmore & Associates Inc. and a recognized expert in Business Continuity Management
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