Do you have a business continuity plan? Reports show that at least 80% of startup businesses in Nigeria fail within the first year. Strange considering how hard-working and intelligent Nigerians are. What could be the cause of this failure?

There are several causes but one stands out, lack of a business continuity plan. What does that even mean and how does it apply to your business? Read on to find out.
What is a Business Continuity Plan?
Several schools of thought have given meaning to this concept. Let’s check out a few of them. Business Continuity Plan is a document that outlines instructions and procedures an organization needs to follow when faced with disaster. Such disasters could be fire, cyber-attack, flood, or a pandemic.

Another school of thought considers business continuity planning as a process. This process creates a system to help a business prevent and recover from potential threats. Through this plan, staff and assets attain protection from the threat and can bounce back to normal function soonest.

One last definition. A business continuity plan is a roadmap that guides a business back to normalcy in the face of an emergency. Different companies or businesses have different plans based on their different operations.

[b]Do you need a Business Continuity Plan?[b]
Many businesses in Nigeria overlook continuity and leave a lot to chance. This is probably because most businesses in this part of the world are “sole proprietorship” in nature. But what happens when the sole proprietor dies or a pandemic like COVID-19 hits?

Most of the time we blame lack of running capital as the chief cause of business failure. Little do we know that lack of planning for unforeseen circumstances is a stronger enemy. Even if there are excess funds, without proper planning, such funds will end up a waste.

Here’s why you need a Business Continuity Plan.

Click on the link to read why you need a business continuity plan... https://www.sme360.ng/2020/06/05/what-is-a-business-continuity-plan-do-you-need-one/