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Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.According to the last security breach survey [PDF] conducted by the Department for Business, Innovation and Skills (BIS) 76% of large organisations and 83% of small businesses believe security is a high or very high priority to their senior management.As a business owner, you have a lot of control over your financial health.
Putting plans in place provides reassurance, and can save your business in the case of a sudden crisis.
If you have any questions or concerns about potential risks and how to plan for them, make sure to talk to trusted advisors (Ed Lette is Founder, Vice Chairman of the Board of Directors at Business Bank of Texas.
Rather than fearing the worst, organizations can implement effective and practical strategies to help them remain operational in the event of unforeseen circumstances.
Even if you think you won’t use it, putting in a little bit of work now will pay off in the long run. Depending on your company structure and assets, there’s a number of potential risks to look out for.
In times of innovation, economic shifts and workforce changes, business models and structure will continue to transform over time.
This means it’s crucial to review and update the process in your plan regularly to account for any new policies, economic factors, or other issues relating to your business.
With so much of modern business supported by computer networks, a loss of data can cripple your business financially.
From cases like hacker attacks, ransomware or natural disasters, data loss can happen when you least expect it.
It’s important to pinpoint operational essentials like equipment, connectivity, records, and even key stakeholders so you can prepare a thoughtful action plan.
Identifying suppliers, vendors and facilities early on in the process can help keep your business running when provisions fall through.