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Why the most unloved business plan is having a brush with fame

Posted 1 month ago in Small business by Xero
Posted by Xero

Business continuity plans (BCP) have always been the right thing to do, but who really had the time? Not many. Then the global pandemic hit home and suddenly lots of business owners started fitting it into their schedule. 

Small businesses in catch-up mode

Google searches for ‘business continuity plan’ increased by an eye-watering  600% in March of this year. That’s why the previously unloved BCP is listed in Xero’s business trends 2021 report

As the name suggests, a BCP is a set of strategies to help you power through a disruption – whether it be the loss of a key customer, or supplier…a fire, flood, or recession…or, say, a global pandemic. 

Getting the job done

Planning for your business’ continuity may sound overwhelming but according to business planning expert, Sally Hennah of Business Sorter, it doesn’t have to be daunting.

“Use a template because the framework helps you tick off things that might be missed in the middle of a crisis,” she recommends. 

“Continuity planning is great for empowering people who are not naturally leaders. They can see what needs to be done and step up when others may be finding it more challenging,” adds Sally. 

What goes in a plan?

As any good pessimist will tell you, there are hundreds of different disasters out there waiting to happen at any given time. But whatever goes wrong, a BCP should help you:

  • deal with any health and safety risks
  • get the business operational as quickly as possible
  • manage financial fallout from loss of business
  • re-evaluate your business strategy

Takeaways for small businesses

  • You can create a BCP in as few as two hours.
  • It empowers your staff (or family) to step up in an emergency.
  • Use a template to avoid missing anything off your plan.

Check out other trends for 2021

Besides community relations, our business trends report looks at nine other things that are working for small businesses right now. 

The report is based on the experiences of our 2.45 million users, plus surveys with small business owners and customers in 180 countries. 

Check out the Small business trends 2021 report to see what else businesses did in 2020, and what they’ll do more of in 2021 to survive and thrive.

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