DAIC strongly encourages all businesses to develop business continuity plans
Effective business continuity strategies can enable continued delivery of products and services to customers, protect revenue streams and safeguard the infrastructure of the business in Dominica.
COVID-19 has proven that Business Continuity Plans (BCPs) must be developed and constantly updated to ensure the survival of the business. While it is necessary to adapt BCPs to the circumstance of the business, the business community in Dominica and around the world is facing an unprecedented challenge.
As such, the Dominica Association of Industry and Commerce (DAIC) and its ARISE Network hosted a special online seminar for Micro Small and Medium Enterprises on Business Continuity Planning. This took place on Thursday, April 9th from 10:00 AM to 12:00 PM and was facilitated by Executive Director of DAIC, Lizra Fabien.
Ms. Fabien engaged the businesses in assessing their risk profiles according to the four (4) P’s and their level of vulnerability to COVID-19. The 4P’s include: people, processes, profits and partnerships. Firstly, People focuses on the lives of workers and family members and ensures a safe environment for all employees and customers. Secondly, Processes looks at keeping a safe supply of raw material and stock, in addition to ensuring the upkeep of building and equipment for optimal daily operations of the business. Thirdly, Profits ensures the proper management of relationships with suppliers, markets, society and the economic environment. Finally, Partnerships guarantee that critical connections are maintained in order to have a suitable environment for carrying out business operations.
The attendees were further engaged in developing a six step approaching for their COVID-19 BCP which are: Identifying key products and services; establishing the objective of the BCP; evaluating the potential impact of disruptions to the enterprise and workers; listing actions to protect the business; establishing a list of key contacts; and continuously maintaining, and reviewing the BCP.
At this seminar, Brent Barnette, Economic Growth Lead at the Climate Resilience Execution Agency of Dominica (CREAD), shared highlights of the survey results on the Impact of COVID-19 on MSMEs in Dominica. Seventy percent of the respondents indicated severe impact and disruptions to their business thus far and for the remainder of 2020. At that point, several businesses have developed and implemented safety protocols to protect their employees, yet there were several who had not. Additionally, over 50 percent of the businesses were not financially prepared for the COVID 19 pandemic nor were they confident about business prospects for 2020.
The session clearly proved that BCPs are not only relevant for COVID-19 but for all risks with which businesses are faced. Furthermore, the Hurricane season is quickly approaching, therefore, DAIC continues to strongly encourage and support members and other businesses in developing and amending BCPs to allow for product and service continuity and delivery to customers, protect their revenue streams and safeguard the infrastructure of their business.
For additional information and the guide used in developing a COVID-19 BCP, contact DAIC today.
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