Learn how to leverage your bank’s resources to prepare your business for unexpected disruptions.
As a business owner, your company will eventually face some type of disruption. Whether it’s an isolated event or an issue that lasts a bit longer, it’s important to be prepared. The first step is ensuring that your company has established and implemented business continuity plans.
“It’s important for every business to have a business continuity plan in place. In order for a company to continue operations after facing a disruption, companies need to consider alternative options for conducting business in a remote environment. Or, in the extreme cases, when companies have had to shut their doors for a period of time in order to return stronger and serve their customers in the best way possible,” says Bryan Ford, Head of Corporate Sales and Treasury Management at Regions.
Preparing For The Unexpected
Many business continuity plans only cover more straightforward or localized disruptions such as tornadoes, hurricanes, or other natural disasters.
However, according to Ford, “Companies don’t necessarily have to be in disaster-prone areas in order to start and maintain a resiliency and recovery plan. There are other events that could cause disruption, like a cyber-attack or data breach that would render a business’s systems inoperable.”
Business continuity plans and resiliency plans can help business owners protect their operations against all types of disruptions. Plus, having continuity plans in place can help ease uncertainty for employees, as well.
“First and foremost, businesses should ensure they have a solid communication plan to disseminate information when a disruption occurs,” Ford explains. “Leaders should provide their teams with regular updates on what’s going on within their department or the company overall. Frequent communications can help reduce any unknowns and give associates the comfort and confidence that company leaders are certainly caring for their employees.”
In addition to a robust communication plan, business owners should make sure their business continuity plans are comprehensive. Include checklists to cover systems and processes, back-up locations in case a primary location is damaged or compromised and plans for accessing alternate sources of supplies or critical materials.
Further, Ford explains that businesses should “have a banking relationship in place that provides access to working capital, tools, and operational needs to continue their business.”
Finding The Right Banker
With business continuity, the stakes are high. That’s why you’ll need to find a banker who cares about your business’s success and takes the time to get to know your specific needs.
“Clients should look for a banker who knows their business, understands their financial goals, and then stays in touch,” Ford says. “At the same time, they should look for a bank with the tools and solutions that enable them to transact their regular business whether it’s in normal times or abnormal times.”
When your banker understands your business’s needs, not just at a cursory level, but also from an operational standpoint, they can proactively identify the most effective solutions to help your business thrive.
At Regions, the Treasury Management team has the ability to adapt quickly and find new solutions for their clients. By starting with a specific customer need, the Regions team can work to develop a tailored cash management solution that addresses that company’s need — while protecting it from disruption.
“It’s this intersection of client connectivity and Regions’ solutions that allow us the ability to create value for our clients,” Ford says.
Learn more about Regions Treasury Management services and how they can help your business persevere through any unexpected business disruptions you may face.
