Imagine a world where you could run your business without worrying about anything unexpected coming along to knock you off track. No economic downturns, no new government regulations, no natural disasters, no accidents on site, no nightmare customers, no staffing issues, no defective products, no unpaid bills, no stolen tools.
Wouldn't that be wonderful? But unrealistic, right? Wrong. OK, so you might not be able to actually stop the ground from shaking, or prevent a global financial crisis, or indeed any of those things from actually happening. But what you can do is plan for them, so that when they do happen, you're prepared and can minimise their impact. Which is basically the same thing. It just requires a bit of preparation and time. That sounds like a deal worth making, right?
If you think so, you've mastered the most important aspect of running a business, eliminating uncertainty by managing risk. Risk can be managed in any number of ways:
- Ignore (or accept) it
- Eliminate it
- Avoid it
- Reduce it
- Transfer it
How you do that depends on the scale and likelihood of each risk, and then identifying the most cost-effective approach to managing each risk. The options may include:
- Training
- Written policies
- Systems and processes
- Professional advice
- Contractual terms & conditions
- Insurance
Business Continuity Planning
A Business Continuity Plan (BCP) allows you to prepare in advance the processes & procedures to help you cope with unexpected events, minimise disruption and get back to work faster.
Building Your Plan
This process can be daunting without a structure and support to help. Via a series of workshops, a built-in risk adviser will guide you through the process of developing your own comprehensive risk management and business continuity plan. This includes a subscription to LMI ContinuityCoach, which will allow you to maintain and monitor your plan and consolidate the key information and documents required in the event of a crisis.
Risk Identification
We use the following areas to categorise risk.
- Natural Risk
- Security Risk
- Technology Risk
- Workspace Risk
- Supply Chain Risk
- Environmental Risk
- Product Liability Risk
- Financial Risk
- Economic Risk
- Human Risk
- Governance and Legal Risk
- Reputational Risk
- Business Risk
Within each category are individual hazards. We identify all the hazards relevant to your business and quantify their potential cost. A management strategy is then assigned to each one. For example, is there a policy, procedure or training plan in place? Or is it covered by insurance? Gaps are identified and solutions put in place.
Want to Eliminate Uncertainty From Your Business?
Give us a call to arrange an initial review. Or request a call back.
