24 May Business cont plan and disaster recovery
What a journey! The last 8-weeks have been not only fast-paced but also exciting. We learned a tremendous amount of information about topics in our course readings, lecture presentations, and discussion board. Some of which may have been new concepts for you. From your learning, what were three profound things that you learned during this course? Explain why these concepts resonated with you. Discuss three things that you learned from this course that you believe will help you in your either future courses or professional career? How can you incorporate these things into either your academic or professional career?
This is completely your opinion about your learning experience. Therefore, no references or in-text citations are required. However, you MUST post a minimum of 300 words. Also, respond to at least two posts from Wk 7 BD. Your responses to Wk 7 DB MUST adhere to the guidelines in the syllabus, in APA format, with appropriate references.
Week 7 db postings
1)
For a successful business, regardless of the size of the organization it is important to have an effective Business Continuity Planning. For a large organization even though the business continuity plan fails, the brand name of the company can protect it from closing completely. A good example for this the company name Satyam computer Services scam where the then Chairman and CEO of Sathyam Computer Services had shown false information regarding the finances in the profits, accounts and over all company information. This scam had created a havoc among the different vendors, clients and shareholders of the company. The company was finally acquired by Mahindra & Mahindra group of companies. In this example the scam by the Chairman and CEO of Sathyam Computer Services had affected the name, profits and values of the company but despite that another major group could step in and own the business.
Small business organizations should focus on developing a business continuity plan to sustain for a long term and develop to a large-scale company. As the organizations cannot afford to have different teams of contingency planning, the employees of the organization should be assigned responsibilities based on their skills and knowledge to be prepared for any disasters or incidents that might occur to a company. It is the duty of the management to assign the employees into different teams and share the information through out the company. Even though the number of resources is less, it is always beneficial to assign a primary and secondary contact information based on the category of the incident. For any kind of natural disaster, human life should always be given the highest priority. The organizations should exercise the different exit routes in the building to be used during a natural calamity. The different steps to be taken for different natural disasters should be well documented and shared to the employees. The organizations should also focus on taking insurance for their business as recovering from a natural disaster for a small business will be hard and will impact their finances. Consider the case where a hurricane struck an area with small businesses, according to an article published in The Wall Street Journal, written by R.Simon, J.D. Avila, (2017), many of the entrepreneurs are not interested in taking a debt to continue running the business and some of the businesses don’t even qualify for a loan.
With the growing technology, incase of a small IT firm, the company can train the individuals for different aspects like network, software, operating systems recovery by utilizing websites like Udemy which offer training for certifications at a very low cost. The company can purchase the required courses and utilize these courses for training the employees in their respective fields to help the company during disaster recovery and business continuity. With the rapid growth in technology, the data back up and restore scenarios have also changed. To back up the data, the company can utilize the cloud so that data can be retrieved from any location incase the disaster strikes the company. Along with using cloud as a backup, the organization can also encourage bring your own device to work concept where the employees can bring their own laptops to work and a secure server system can be used to login and perform the company’s operations. This eliminates the need to purchase lease for an offsite location for smaller businesses thereby reducing the cost for the organization.
Consider another case where non-IT small businesses are struck by a natural disaster, in the article written by E.Scheyder,(2017), published by Business Insider, he explains about Houston’s Body3 Personal Fitness gym which was swamped by the floods and would cost him approximately $35,000 to clean the gym. Such huge amounts are difficult for a small business to clear the loan and the decision of the owners lies if they are willing to take the risk by taking a loan to clear their expenses or if they would sell their business to avoid the losses. According to E.Scheyder (2017), U.S. Small Business Administration (SBA) had offered low-interest loans, would cover some costs for the small businesses during the Harvey disaster, National Flood Insurance Program, the only source of flood insurance for most Americans that offers coverage to businesses but is ignored by some of the business until unless their mortgage or lease require it.
There are different websites by the government like Emergency Management Division, ready.gov which have Business recovery guides that provide information on various resources that help in the business continuation after the disaster hits a small business. According to the website of Emergency Management Division, there are various programs that can help the companies during and after the disaster such as FEMA Disaster Assistance, U.S. Small Business Administration Loans, Tax Relief in Disasters. (“Business Recovery”, “Emergency Management Division”). Similarly, the website Ready provides information on different topics like business continuity planning, business impact analysis that can help the businesses. (“Ready”) It is the responsibility of the small businesses to enroll, register in these organizations based on their needs before a disaster strikes them and utilize the tools for developing a good business continuity plan.
References:
Ruth Simon, Joseph De Avila. (2017, Oct). Small Businesses Say Federal-Disaster Aid Needs Strengthening. The Wall Street Journal. Retrieved from https://www.wsj.com/articles/small-businesses-say-federal-disaster-aid-needs-strengthening-1507667045
Ernest Scheyder. (2017, Sept). 99% of Houston’s companies are small businesses — and they’re struggling to recover after Harvey. Business Insider. Retrieved from http://www.businessinsider.com/r-houstons-small-businesses-dig-out-from-harveys-onslaught-2017-9
EMERGENCY MANAGEMENT DIVISION. (n.d.). Retrieved from https://mil.wa.gov/emergency-management-division/preparedness/businesses
Ready. (n.d.). Retrieved from https://www.ready.gov/business/implementation/continuity
2)
Small businesses have encountered many more obstacles to recover from disaster effects than large ones, but many factors can account for this finding. Expansive firms will probably spread their hazard by working in numerous areas. Likewise, extensive organizations will probably be situated in fresher debacle versatile offices and will probably have adequate staff to utilize masters in creating calamity reaction and recuperation .Also, huge organizations will probably have the capacity to bear the cost of risk protection, business intrusion protection, or possibility reserves for catastrophe recuperation. Expansive organizations likewise have a lot of monetary and political impact in their groups, which gives them a high need in administrative recuperation approaches and furthermore generous impact in getting private temporary workers to reconstruct their offices first. Vast firms and multi-branch firms are better situated in entomb business and intra-business coordinated efforts on providing, buying, and work moving to adapt to crises. At long last, vast organizations are probably going to have considerably more grounded information and yield ties that encourage recuperation from fiascos. All together for your marketable strategy to be compelling, you should take after the arrangement and to survey it intermittently. At the point when your business is looked with a troublesome choice, your composed strategy for success will fill in as a manual for enable you to shape your choices. For instance, when settling on a specific activity to embrace, regardless of whether an obtaining or divestment, it is critical to think back to your vision and statements of purpose reported in the marketable strategy. On the off chance that the result of the corporate choice does not comply with the vision and statements of purpose, you ought to reexamine the benefits of the suggestion and conceivably surrender it or take a gander at the need to change the strategy for success to cook for the new opportunity. During these stages, there are critical money related exercises and suggestions for the two families and groups exercises that include both people in general and private parts. The shortages at specific periods of reaction and recuperation can be decimating and amass if not tended to quickly. Commonly, people group go to state and national governments for help. Be that as it may, it is indistinct how the private area should best be engaged with the procedure. For instance, as a calamity surpasses the limits of what is shrouded out in the open segment components, the private division can be especially valuable in tending to holes. Given existing resources and hazard bearing limit, a group may have the capacity to withstand just a specific measure of hazard presentation and, subsequently, must search out private-division help. For instance, amid the reaction stage, nearby money related backings may kick in from both the general population and private segments to enable family units to balance out and oversee day by day needs, yet the private segment’s money stores may be more adaptable than government money alternatives.
References:
Normann, R. (2001). Reframing business: When the map changes the landscape. John Wiley & Sons.
Gharajedaghi, J. (2011). Systems thinking: Managing chaos and complexity: A platform for designing business architecture. Elsevier.
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