Business Continuity Awareness Week 14 – 18 May
As part of my doctoral research into how small and medium enterprises can, with the assistance of the insurance industry, better manage a crisis, I came to appreciate the benefits of business continuity plans.
They not only are of great benefit at the time of a critical event, in that they allow an organisation to manage the crisis better and therefore recover quicker, they also have a lot of other benefits.
In my own businesses, it forces me to spend time on working on the business itself and not just be caught up in the myriad of day to day issues that I am doing in the business.
By adopting a risk management approach to all decision making, it makes me think about the threats to the organisation as well as the benefits that may arise. I then work out how I can better maximise the opportunities benefits while minimising the threats.
Through this research and going through the process now for over 10 years, I have become a champion of Business Continuity Management Planning and therefore strongly support the Business Continuity Institute’s Business Continuity Awareness Week.
The whole reason I did the research study in the first place was to reduce the number of businesses that failed after a major insurable event. While many of the books, services and even this blog that I developed since then have been to aid people better understand risk and insurance, it was the business continuity piece that proved to be the most difficult.
While there are consultants available to assist organisations through the process, the cost is prohibitive to most small and medium enterprises. At the other end of the spectrum there are free templates available but they offer no advice and I have seen companies struggle to try and put something together over 2 years of trying.
To find a middle ground I developed LMI ContinuityCoach.com which has just been revamped and released for trials as Version 2.0. This provides much more than just a paper template but rather the smart form technology we have in LMI BIcalculator which us allows us to coach the user through the process. The new version produces a detailed insurance report which links back to LMI RiskCoach and captures the necessary information to assist the broker and the Insured determine their insurance needs, looking at it from the point of view of adequate protection. Using LMI ContinuityCoach internally has certainly been one of the reasons for the ongoing success of LMI Group.
If you would like to learn more about LMI ContinuityCoach or business continuity in general please do not hesitate to write via the comments section or the ask me a question section.