As a business owner, you’ve worked hard for your success. The long hours, the difficult decisions, and the sacrifices you have made have led to where you are today. The last thing you want is to suffer a disruption to your business. However, in the event that you do experience an unavoidable mishap, it may be smart to have a Business Continuity Plan (BCP) in place.
What are Business Continuity Plans (BCP)? A BCP is a document that maps out a business’ system of prevention and recovery from potential threats or disruptions. A sound BCP ensures that personnel and assets are protected and empowered to take quick action in the event of a disaster. It is important to remember that Business Continuity Plans should be conceived in advance and may involve input from key stakeholders and personnel.1
What is considered a “business disruption”? In general, a “disruption” is anything that causes a business to suffer a loss due to unforeseen events, such as damage to one’s facility, the breakdown of essential machinery, a supplier failing to deliver essential goods, or a technology-related malfunction.2
What are the components of a BCP? A BCP should be unique to your business, but there are some common factors consistent among all continuity plans. Creating a business continuity plan includes four steps:
*Conduct a business impact analysis to identify time-sensitive or critical business functions. Be sure you have the resources to support those tasks.
*Identify, document, and implement processes that are essential to the recovery of your business.
*Create a continuity team and compile a step-by-step plan that they can enact during a business disruption.
*Make certain your team is trained and ready. This may take the form of testing or other exercises to evaluate the strength and viability of your recovery strategy.3
Be prepared. Business Continuity Plans are only helpful if they are put in place early and updated regularly. Some time, care, and training now may help your business weather a storm down the road. Don’t delay; start putting your business continuity plan together soon. If you need help, please don’t hesitate reaching out to us additional resources.
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Financially, many of us associate the spring with taxes – but we should also associate December with important IRA deadlines. This year, like 2020, will see a few changes and distinctions. December 31, 2021, is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts.
There’s an old Wall Street maxim that says, “markets climb a wall of worry.” And these days, there’s plenty to worry about with the trend in long-term interest rates and bonds.
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