5 Factors To Remember For Corporate Preparedness Planning

[Purvi Dalvi]

Owning a business means being responsible for all the office premises’ activities, whether good or bad. It is essential to monitor them and ensure there is no harm to people working there. After all, a healthy professional environment leads to a better and happier workforce and growth opportunities. They feel motivated and energised to work and give their best performance at every shot.

But, there are many factors to consider while building a healthy organisation, such as preparedness planning for calamities and other unpredicted events. Natural disasters, economic crises, pandemics, global issues, etc., have a significant impact on the businesses and operations of corporates. The following are some factors to consider while preparing to face them:

1) Conduct annual risk assessments:

These assessments help identify the threats to a business, including safety hazards and potential financial issues. The ability to prepare for crises starts with being able to analyse the threats that it can impose. Review the cash flow, debts, expenses, and sales forecasts to check the financial health of the firm in the last six months or a year. There may be many areas to improve. Data breaches and cyber threats can affect the business’ reputation negatively and result in losses. Start using authentic security appliances for verification of employee accounts and the company’s security systems. Have a regular inspection of the office building for natural calamities such as hurricanes, fire, floods, earthquakes, etc.

2) Train employees to handle different situations:

After assessing the risks, try to develop a training plan for employees. Help them with first aid, escape plans, disaster preparedness, and any other hazards. Have a set of procedures for every employee to follow in case of an emergency. Teach them to adopt new roles and adapt to different working conditions to prevent significant threats and losses.

3) Ensure there are sufficient emergency supplies:

It is vital to stock the business with emergency supplies to minimise damage and save lives. Using fire extinguishers, sanitisers, first aid kits, medication, and sustenance can help employees combat the situation and save others from injuries and infections.

4) Prioritise the workforce:

Employees are the lifeline of any business, so it is crucial to put policies in place that address their needs during a crisis. Their primary concern is taking care of their families. While creating a crisis communication strategy, offer work from home options so that they can pay attention to their work and their families.

5) Build a cash reserve:

The effect of these disasters can be long-lasting and harmful, especially if there is no financial arrangement in place. Depending upon the situation, the officials may have to renovate their office, replace damaged inventory, issue refunds to customers, or shut down temporarily. That is why they must keep a cash reserve equal to three or six months of their expenses to face unexpected opportunities. They must include rent, utilities, mortgage payments, loan payments, payrolls, and other financial inventory to face challenging times and ensure no one is deeply affected.