{"id":2444,"date":"2021-06-04T15:24:29","date_gmt":"2021-06-04T14:24:29","guid":{"rendered":"https:\/\/kirkwoodwilson.co.uk\/?p=2444"},"modified":"2021-06-04T15:24:29","modified_gmt":"2021-06-04T14:24:29","slug":"business-recovery-planning-how-your-local-accountants-can-help-your-business-get-back-on-track","status":"publish","type":"post","link":"https:\/\/kirkwoodwilson.co.uk\/business-recovery-planning-how-your-local-accountants-can-help-your-business-get-back-on-track\/","title":{"rendered":"Business recovery planning: How your local accountants can help your business get back on track"},"content":{"rendered":"\n

What is business recovery planning?<\/em><\/h2>\n\n\n\n

Business recovery<\/a> plans are the plans used by the operational teams of a business following an incident which affects their ability to operate normally. They usually consist of contingencies for core processes, plant and assets, business partners and human resources. They also include (but are much more comprehensive than) disaster recovery plans for information systems. Their main goal is to facilitate business continuity. <\/em><\/p>\n\n\n\n

Why is a business recovery strategy high on today\u2019s agenda?<\/strong><\/h3>\n\n\n\n

Business recovery planning covers all sorts of unforeseen events, from fires to floods to terrorist attacks, and therefore the plan is usually very broad in its scope. Where the assumption is a physical set back of some kind (like a flood or a fire), the business recovery strategy employed will be around buildings, equipment, etc. <\/p>\n\n\n\n

However, the impact of COVID-19 has put many businesses, large and small, into positions where they have been trading at levels far lower than those required to make a profit \u2013 in some cases businesses in industries like hospitality have had to temporarily shut down. In both cases, although the government<\/a> has been supporting the wage bill through furlough, rent and other overheads have still been outgoing costs which have had to be covered in the meantime and businesses that are still operational have had to completely adjust working practices. <\/p>\n\n\n\n

If you didn\u2019t have a business recovery strategy in place before Covid, it may be that you\u2019re thinking about putting one in place for future contingencies.<\/p>\n\n\n\n

When should business recovery planning be put in place?<\/strong><\/h3>\n\n\n\n

Realistically, as soon as possible after the event in question. It’s a potentially complex and wide-ranging strategy that can cover things as simple as where people can work from in lieu of the usual office space availability and getting business insurance claims started, through to IT backups, failover sites (digital and physical) and supplier failure contingency.<\/p>\n\n\n\n

Where do accountants fit in with your business recovery strategy?<\/strong><\/h3>\n\n\n\n

Having an accountancy business in place and ready to support you when you need it most is critical not only to ensure business continuity during what may be a financially tough time, but will also give you peace of mind that someone who knows your business is there to help. Accountants will be able to help with the following areas:<\/p>\n\n\n\n