Build Business Resilience With Phykon Solutions Sydney
Phykon Solutions Sydney: You cannot prevent the unexpected but you can be prepared to minimize disruptions. Disruptive events can occur at any time and can take any form. Businesses of all sizes are susceptible to a variety of existing and emerging risks.
Is your business resilient to disasters? Do you have a backup for critical business functions and incident response tasks? If not, plan it now!
Nobody can accurately predict when a disastrous event will strike. Hence, it is important to take precautions and be equipped to mitigate and recover. If you’re wondering where to start, or how to build a comprehensive business continuity plan, Phykon solutions in Sydney can help you. Business continuity planning helps you respond faster and minimize the negative impact of disruptions on your business. BCP outlines a range of disruptive events that can negatively impact your business, and designs steps to respond and recover to regain regular business as soon as possible.
Why is BCP Important?
Major threats to business continuity are cyber attacks, global pandemics, utility outages,
natural disasters like floods, earthquakes, hurricanes, tsunamis, etc. Businesses today are subjected to an unprecedented number of exposures. The frequency and severity of natural disasters are increasing. Moreover, businesses are dependent on complex technologies and data than ever before. It is difficult for your businesses to survive if your critical business assets suddenly become inaccessible. Being caught off guard during disruptive events or threats can seriously impact your business operations revenue and more. BCP prepares your business ahead of time. It helps you better understand how to operate through a crisis, mitigate harsh long-term effects and minimize potential losses.
The key to a successful business continuity plan lies in determining the business impact of a disastrous situation and creating policies to respond to such events. Phykon solutions Sydney will help you develop a proactive BCP to avoid and mitigate risks associated with disruptive events.
Brand Reputation And Loyal Customers
Your preparedness and ability to rise from a crisis with consistency will prove your business resilience. Customers always expect your business to be operational and accessible round the clock even during unprecedented times. They watch you closely. Quickly recovering from a crisis or unexpected event generates confidence in consumers and improves your brand reputation. Consumers find it safe to conduct business with brands that are prepared for any event. They always prefer stable businesses that always stay strong, operate without disruption and provide services without any hassle, in the face of unplanned events.
BCP ensures stability in overall business management even during unplanned events. Seamless execution of business operations during uncertain circumstances builds trust in your brand, giving you an edge over your competitors.
Having a proper plan in place will minimize the impact on business. The longer a business takes to recover, the higher the chance for financial loss. BCP from Phykon solutions Sydney helps businesses restore their functionality quickly and recover with minimum business loss. The right plans to pick up processes swiftly can keep your financial loss as minimal as possible.
Developing The Business Continuity Plan
There is a big difference between understanding the BCP and actually developing the plan. Phykon solutions Sydney will help you bridge this gap through risk assessment, impact analysis, internal control remediation, and a lot more. It is never possible to plan for every possible disruption but it is worth making a try.
Take into account every single factor that affects your business operations. Assume that things may go wrong at some point and make sure you have backup plans. Your BCP must be realistic and should be executed efficiently and with the available resources. Disastrous events create uncertainty and stress which makes even the simplest and most routine of tasks difficult to accomplish. Circumstances often change and your BCP should be adaptable to address the issue at hand.
Set Goals And Objectives
Set goals and objectives based on the nature of your business and according to the way you operate. These goals will guide you in developing your Business Continuity Plan. Business continuity management not only covers your IT department and IT-related systems. It extends to critical business functions, including human resources, operations, supply chain management and more.
The risk assessment will help you identify existing areas of weakness and disruption scenarios. It evaluates the risk element to your business assets during a crisis. Initially, the organization’s business objectives are mapped to processes that support those objectives and then, to assets that support the processes.
For instance, if you run a call centre one of your business objectives will be customer support. The process would include receiving calls, routing to the right agent and department, answering customer queries and resolving complaints. Assets would include call centre agents, IT systems to receive calls, the necessary equipment, automation software to route calls or a reliable third-party provider.
Assess all the possible ways through which those processes and assets could fail and disrupt your business operations.
Business Impact Analysis (BIA)
The business impact analysis should be performed to capture technological reliance, operational impacts, financial impacts, and resource requirements across key business areas during a disruption. It also identifies time-sensitive operations and manual contingency plans to handle minor disruptions. Business impact analysis tells you which assets are crucial to mission-critical business processes. It analyses different risk events like power outages, floods, system failures, pandemics, etc. and determines which would be the most disruptive, if not remediated.
Develop The Plan
This stage includes the development of an actionable plan based on risk assessment and BIA findings. BCP should be reviewed, tested, updated and improved upon over time. It should address crisis management, emergency response, business recovery and business resumption.
Emergency response procedures ensure the safety of all personnel and the security of the organisation’s assets.
Crisis management response determines the crisis and makes critical decisions about how the organisation should respond. Businesses should identify a crisis management team, the roles and responsibilities of its members. It should also lay out the process and criteria for conducting an impact analysis. The crisis management team usually comprises managerial personnel in key decision-making roles who are capable to lead and guide during a business disruption.
This stage defines the procedures and activities necessary to recover and restore critical business operations and services. Though the business may not be restored to normal, it uses contingency resources to execute processes. Alternate operational sites and business resources are also identified in this stage.
It is the stage of returning the business to a pre-crisis operational level. The procedures involved in this stage will depend on the nature of the crisis and other variables. This stage outlines the key responsibilities and processes to move towards full business resumption.
Circulate and Train
All staff members should be aware of your BCP. Let them know their roles and responsibilities and whom to contact in case of emergency. Circulate drafts of the plan among all stakeholders. Collect feedback from them. Train your team to enable a smooth transition from the disruptive event to business recovery and, ultimately, to business resumption.
Test and Implement
Testing your BCP is essential to ensure all laid-out procedures are working right in times of a crisis. Regular testing and exercise of the plan are critical to success. Your team members are more likely to respond well to a crisis if they have practised and know what to do in advance. Testing also assists in identifying gaps and weaknesses in procedures, steps and overall plan.
Phykon Solutions Adelaide can help businesses build resilience against unforeseen events to reduce the possibility of complete business disruption. Phykon offers holistic business continuity consulting services to assess, plan, implement, test and exercise BCP for your business. We know specific requirements demand specific strategies and are uniquely positioned to build the right plan for you. We will help you easily manage and contain disruptions without affecting critical business functions. Call us today for a free, no-obligation consultation with our experts!