Business Continuity Plans: Do you need one?

 

Every day, I work with occupiers in the industrial areas of Brisbane to help them find the right space for their business. I’ve seen an increasing trend around working with occupiers to help establish business continuity plans, being what their plan is should something suddenly interrupt their business activities. These plans are exceptionally useful when typical risks can impact on their business and provides a plan for how to handle them.

 

Why do I need a continuity plan?

We saw a rise in this type of planning after the 2011 floods in Brisbane, which saw some low-lying industrial areas affected. For groups affected, there was a flurry of short-term leases of 3-6 months in unaffected areas to help businesses get back on their feet. Whilst there have been significant infrastructure works since this time to avoid road cut-offs, businesses are taking still further steps to secure themselves against any future weather events of that nature.

 

Planning for a weather event

There are several ways to help proof your business against this type of event. We have seen an increase in occupiers and their landlords putting power boards at least 1.5m high, reviewing their racking height and positioning, and reviewing options available to keep their businesses moving if their warehouse was to be affected. Understanding what your insurance covers along with how long you’re likely to be out of action for is essential to manage the incident.  

 

Mitigating any downtime for businesses affected by a similar event to the 2011 floods is crucial to help companies access their cutomers and suppliers.. Implementing a business continuity plan can review how to identify and control risks, prepare for risks you can’t control and how to respond if a crisis or incident occurs.

 

Maintaining a strong relationship with your agent

It is also crucial to maintain a strong relationship with a local real estate agent who can assist you on short notice should your business be affected by any incident. With the agent understanding your business inside out, it can mean securing additional or further space quickly as required to ensure your business continues to trade strongly. Our team can always assist occupiers requiring assistance in this space.

 

Is there a template available to write my plan?

The Queensland Government has some excellent resourcing to help with business continuity planning available here: https://www.business.qld.gov.au/running-business/protecting-business/risk-management/continuity-planning

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