Business Planning & Continuity
A Business Continuity Plan outlines the steps necessary for a Company to operate in the wake of a sudden and severe change to market conditions, This is never more obvious than the situation we now all find ourselves in post COVID-19. A robust Continuity Plan will address a majority of concerns relating to the successful recovery and ongoing success of your business. Continuity planning enables the identification and implementation of strategies in preparation for whatever potential disaster should impact your business.
A comprehensive Business Continuity Plan forces leaders to review the weaknesses and threats to their organizations from a detached perspective. While few business leaders want to focus on negative "what if" questions, the process of creating a continuity plan can raise concerns about employee Health & Well-being, Financial Governance together with the preservation of both internal and external assets e.g. Employees, Customers, Plant, Machinery etc. Tight plans can assure key stakeholders that company leaders understand how to respond quickly during challenging times.
While Business Continuity Plans often focus on disaster recovery, they should also be mindful of potential weaknesses emerging from within an organization. Many companies have become more aware of the need for Cyber Security measures and recognize they need to use cloud computing resources to safeguard data in the event of an earthquake or a flood. However, they should also be mindful that a comprehensive Business Continuity Plan should be in place that speculates on a company's actions should a corporate officer or manager leak sensitive data or if a production defect causes customer harm. Legal and IT assistance could be required here and James J Contracting has access to professionals who specialize in this area.
Crafting a Business Continuity Plan involves assessing leadership, employees, resources and corporate strategies. The process itself can highlight weaknesses a company can correct long before facing an urgent situation. Government agencies offer guidelines and planning tool kits that emphasize areas of opportunity, including reliance on public utilities, employee transportation and communication tools. Again we can assist in pointing you in the right direction for specialist help.
Many successful Business Continuity Plans involve contracts for outsourced space and technology in the event of a severe disaster and outsourced consulting services in the event of an internal process failure. Relying on outside resources saves money compared to maintaining "shadow" facilities that most companies can't afford. Leaning on outside experts during times of crisis can also ensure employees and investors that a company can move forward based on strategy instead of emotion.
Health & Wellbeing
Increasing evidence points to the many benefits that are inherent in businesses where health and wellness is given considerable emphasis; and this is where HR professionals within a business need to drive the wellness agenda to ensure that these benefits are successfully achieved.
Implementing health and wellness schemes or simply paying attention to the wellbeing of workers through well-planned initiatives that promote a culture of wellness within a company serves to improve the physical and mental health of employees.
There is no doubt that this will have a number of positive outcomes for the business, as there is a strong link between employee wellbeing and business performance, according to numerous studies.
Healthy workers lead to cost-saving
With the end goal of any health and wellness initiatives being the preservation of a healthy workforce, the other benefit that is attained is that costs are saved, as absent workers due to illness cost a business time and money.
Employee absence cost the New Zealand economy more than a billion dollars last year, according to the latest research by Southern Cross Medical and BusinessNZ.
The 2019 Workplace Wellness Report which focused on the state of the country’s workplace health, revealed that New Zealand lost around 7.4 million working days at a cost of $1.79 billion in 2018 due to employee absence.
Meanwhile, a net 23.5% of businesses surveyed reported an increase in their employees’ general stress.
The direct cost of absenteeism is estimated to be between $600 and $1,000 per person a year and while this is a substantial cost, New Zealand businesses need to recognize the importance of creating a culture where people feel they can stay at home when they are unwell.
It is also worth taking note that money is saved by not needing to replace staff as frequently, as healthy employees are often happier and more likely to stay in a job for longer. Therefore business leaders need to embed wellbeing in their long-term strategic planning if they are to see sustained benefits in the long run and substantial cost-saving in both the short and long term.
Healthy workers are more productive
It makes sense that robust health and wellness plans will lead to healthier workers which equal more productivity, simply because absenteeism levels will reduce. Having an effective Human Resource plan is a critical part in ensuring businesses costs associated with recruitment to cover sick employees or employees who have left due to stress.
Higher levels of productivity make for a better performing businesses, so health and wellness initiatives certainly come full circle in improving the prospects for sustained business success. Modern businesses ignore the need for such efforts at their peril, failing to see the clear link between a healthy and productive workforce.
Health & Wellbeing assistance together with Human Resource expertise can be provided by James J Contracting who have access to professionals who specialize in this area.
Financial performance is a general measure of a company’s financial health. Managed closely, this allows you to benchmark your business against preset business targets, other similar type business and within the industry you operate in. The three key financial measures needed to do this include the balance sheet, profit and loss statement and the cashflow statement.
The balance sheet is a snapshot of your business is performing and measures your business assets and liabilities. The focus here is on how well these are being managed. This will be critical for any business looking to maximize return in the months ahead.
Profit and Loss Statement
The profit and loss statement is the story your business is telling you over a longer period of time. It provides a summary of operational activity and measures sales revenue against business costs, with net difference being your profit or loss. This is where greater focus is needed in order to check unnecessary spending, while investing in areas that will protect, grow and enhance your business.
Cash Flow Statement
As part of some of the Government Assistance Programs on offer, cash flow will be king. A cash flow statement is a combination of both the profit and loss statement and the balance sheet and provides the necessary information showing flow from operations, investing and financing.
Measuring the right financial triggers is essential for your business because they can provide important insights into how well your business is doing. It can show how you compare to other business as well as allow you to make informed decisions to maximize your growth into the future. If you want to keep your business on track, you simply cannot ignore the process of developing financial metrics for monitoring your progress.
James J Contracting has specialist resource that can provide the expertise needed to assist you reviewing or compiling any of the above you need.