Good habits for the new financial year: Business continuity planning

In today's unpredictable business environment, disruptions can happen at any moment whether from cyberattacks, natural disasters, supply chain interruptions, absence of key staff or system failures. 

Businesses can help get ahead of these risks through continuity planning. Business continuity planning provides a framework to consider ways your business can continue to function and be up and running as soon as the disruption has passed.  

A good continuity plan helps you identify critical parts of your business and how to protect them in a disruption. It might include steps for backing up important data, setting up an emergency kit, relocating operations, finding alternative suppliers, training staff in key roles and keeping customers informed. It also helps you prepare financially, like planning for cashflow, insurance, and access to key documents. Having these measures in place means your business is more likely to bounce back quickly, minimise losses, and avoid having to shut down altogether. 

The NSW Small Business Commission’s guide, Prepare for the unexpected - Build a Business Continuity Plan, takes you through the essential steps to build your own business continuity plan with easy-to-use templates and checklists.