Nobody likes to think that the worst might happen to their business, but when it does it can have devastating consequences. A reported one in five companies suffers a major disruption every five years and 92% of those affected by fire or flood never recover. The best thing you can do to protect your business is be prepared.
What is a crisis?
A crisis is a situation beyond the scope of everyday business, which threatens the operation, safety and reputation of your company. The exact nature may depend on your business' circumstances, but could include:
- Natural disasters – i.e. flooding or storm damage
- Theft or vandalism
- Fire
- Power cuts
- Fuel shortages
- IT failure
- Restricted access to premises
- Loss of key staff
- Outbreak of disease or infection
- Industrial action
You should assess the likelihood of a particular crisis occurring to your business and its possible frequency. You can do this by grading the probability of a crisis occurring on a scale, i.e. one to five or high to low.
Read more: http://www.fpb.org/hottips/419/Crisis_management_and_business_continuity_planning.htm
Source: Forum for Private Business
www.ukba.co.uk
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