Should your business be concerned about a hurricane or a tornado? What about a digital breach, power failure, or a disgruntled employee. In all instances, the answer is yes, even in a global pandemic.
A crisis can strike when you least expect it and has the potential to jeopardize safety, reputation, assets and the survival of your business. Experts estimate that 75 percent of businesses without continuity planning will fail within three years of a crisis, yet most businesses are still not prepared.
Here are a few steps to get crisis ready.
BEFORE A CRISIS STRIKES
Identify Your Risks. According to a recent research study, 70 percent of U.S. businesses will be affected by a crisis in the next 12 months.
A thorough risk assessment is essential in identifying the situations most likely to impact your business and your ability to overcome interruptions and recover.
Understand Health and Safety Regulations. Under the Occupational Safety and Health Act (OSHA), employers are responsible for providing safe a workplace for employees. Guidance on disaster preparation, safety tools, and other helpful information for employers can be found at www.osha.gov.
Develop a Communications Plan. Employers communicate with many different audiences. In a crisis, employees will want to know about job security and conducting work responsibilities. Customers will want to know about their orders. Suppliers will want to know about changes in delivery schedules. A company-wide plan should address audience-specific messages and methods for delivering information.
Train Employees, and Practice Your Crisis Plan. Train your employees so that they know what to do before, during, and after every crisis situation.
Check All Insurance Policies. Make sure all policies are up-to-date and that coverage will protect your business.
Document Business Property and Equipment. Current photos or videos of business property can help to support insurance claims or tax benefits after a crisis. The IRS disaster-loss workbook 548 guides businesses on documenting property and equipment.
Maintain Emergency Supplies. Secure safety equipment, including masks and PPE, and stock emergency supplies at your workplace.
Prevent Payroll Disruption. Use a reputable payroll provider, such as a Certified PEO, like Propel HR, to protect employers in the event of business disruption.
IS YOUR BUSINESS CRISIS READY?
Every company faces different risks depending on location and the nature of the business. And chances are, the crisis you’re about to handle isn’t the one that you anticipated. A few years ago, crisis planning didn’t consider a global pandemic. Prepare now by identifying your risks, and developing an action plan that doesn’t just manage the crisis but also keeps your business moving forward.
About Propel HR. Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for more than 20 years. Propel partners with small to midsized businesses to manage payroll, employee benefits, compliance and risks, and other HR functions in a way that maximizes efficiency and reduces costs.