Business Continuity

Business Continuity

The COVID-19 global pandemic has triggered a widespread disruption to how businesses operate. With the rapidly changing landscape, it is critical for businesses to adapt, identify and manage risks as well as prepare contingency plans in order to ensure that operations and core business functions are not severely impacted by the pandemic. A response plan is critical and business operations must be evaluated, adjusted and reviewed continuously to prevent businesses from closing down.

A typical response plan considers the following:

Finance

  • Application of overdraft facilities with your commercial banks.
  • Prioritising outgoing payments (manage cash flow).
  • Credit negotiations from suppliers, and supplier contingency plans.
  • Sales mix (with a focus on cash sales).
  • Discounted packages to attract sales.
  • Collection of outstanding debts through frequent follow ups on debtors.

Human Resource

  • Work from home contingency plan. IT plays a major role in ensuring that staff have internet facilities at home. This however, will depend on the nature of the business.
  • Encourage employees to keep calm and to avoid panic.
  • Assess leave balances and prepare a comprehensive leave plan.
  • As a last resort consider unpaid leave, but the interest of employees should always be considered first.
  • Conduct trainings on hygiene and implement hygiene routines at work. 

Stock Levels

Manufacturers should assess current stock levels and review stock replenishing plans.

  • If stock levels are high, minimise production and focus on reduction of stock levels (this will relieve purchasing expenses).
  • If stock levels need to be replenished, ensure that source markets for supplies are secured.

Relationship and Support

Maintain relationships with suppliers, customers, as well as competitors. This will enable a support network that will enable all businesses to step in and support one another in areas of strength.

How can SIB help?

SIB is your partner in helping you, as you adapt your business and work on your Business Continuity Plan. We give guidance and advisory support in:

  • Drafting and implementing your Business Continuity Plan.
  • Providing market intelligence, market opportunities and information on costs of doing business.
  • Partner identification and business matchmaking to identify economies of scale and reduced cost of operations.
  • Providing assistance with the obtaining of clearances from relevant authorities.
Seychelles Investment Board Tripartite

Business Toolkit

Through a partnership between the civil society, the private sector and public sector institutions, a toolkit has been developed to help businesses identify new opportunities, mitigate risks and become more resilient in these unprecedented times.

The toolkit includes the following:

Work from Home

Work from Home

Tips for employees to work from home efficiently.

Business Continuity Plan Template

Business Continuity Plan Template

Protocols businesses may follow.

Business Continuity Self-Assessment Tool

Business Continuity Self-Assessment Tool

Assistance for businesses to assess the risks associated with COVID-19.

Health and Safety Guide

Health and Safety Guide

guide to help businesses operate safely and manage health and safety risks from COVID-19.

Contact us for any guidance and support.

Think Tank

Think Tank

The Government’s approach to map out the challenges faced by businesses during the pandemic.

Risk Management

Risk Management

Tool on how your business can prepare for the implications of the pandemic and sustain operations.

How would you like to connect with us?

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