Diane C. Fournaris | R.I. Small Business Development Center state director
Like the small-business owners we counsel, the R.I. Small Business Development Center prepared as well as possible in March 2020 to pivot overnight to virtual operations, at least for a short time. Surely, the pandemic-sparked business shutdown ordered by then-Gov. [Gina M.] Raimondo would not last more than a week or two.
The collective experience of small-business owners and business-assistance organizations during the pandemic has shown that we all need to better prepare for possible negative events. Fortunately, small-business owners have shown a renewed and vibrant interest in developing business-resiliency plans that will enable them to withstand external threats.
The RISBDC suggests that small-business owners begin to develop a business-interruption strategy by following these steps:
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Identify: Identify the goals of your business, your critical business functions and potential threats and hazards. In addition to natural disasters, these can include pandemics, loss of key employees, cyberattacks, theft, workplace violence, supply chain issues and others; rate the likelihood of each.
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Develop: Conduct a business-impact analysis, which predicts the consequences of disruption to key business functions.
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Plan: Develop a plan to address the threats and impacts to business functions. This includes emergency response procedures and communications and a business continuity strategy; review your insurance coverages.
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Implement: Be prepared to take the necessary steps to implement the plan in the event of a business disruption; train and practice with your team and involve all employees.
This excellent, no-cost guidebook produced by the Association of Small Business Development Centers and the U.S. Small Business Administration, details the process: www.AmericasSBDC.org/protect-your-business.
We remain in awe of the resiliency of Rhode Island’s small-business community and predict that many small-business owners will emerge stronger and better prepared to meet future challenges.