Here at myCEO, recent weeks have been impacted by the inaugural V8 Supercars Newcastle 500, a historic event that has been labelled a success. Leading up to this event, there was plenty of buzz throughout Newcastle along with a lot of uncertainty as to how the event would run, and for local business, what affect it would have on them and their business.
Being located within one street of the track, the myCEO team knew the event would disrupt our business – but to what extent exactly was unknown. Therefore in preparing for the event, our team was offered options to take annual leave or work from home in the days leading up to the event – an option which was taken up by much of the team.
Although in the end the disruption to our business was minor, it brings to light the question as to you and your business, and what level of disruption can it endure.
Some questions to ask yourself:
- What business interruption events have the largest risk on your business
- What is the likelihood and risk of these events occurring
- Do you have policies and procedures in place to address those higher likelihood disruptions (e.g. site access limited, internet or electricity outages)
- Do you have adequate insurance coverage in the event of a major interruption event
In today’s digital world, the spectrum of risks of such events can vary greatly from business to business (take for example the impact site access could have on a retail store vs an online retail store). The reliance on the internet also further brings in another range of risks.
Although these events can range from minor to catastrophic, by assessing your risks and developing a plan you are placing your business in a better position today to prepare for such events.