We have been so focused on cash flow, backing up our data, being cyber aware and putting together natural disaster plans to be more resilient. Then came Optus and a major network outage that effected millions of businesses nationwide. While we cannot plan for everything. Maybe we need to be a bit smarter when it comes to telecommunications. Maybe we need to look at having our data with one supplier, our mobile with another and not rely on bundles that the telco’s like to offer.
Maybe we need to take a closer look at our business and look at what other areas, systems, processes and technologies that we rely on and plan for worse case scenarios when things go bad. I know that we cannot predict the future and plan for everything, but we can look at the parts of our business that are detrimental to keeping things running. So here are some other things to think about.
Energy is probably a good one to start with. Every summer we are warned about possible power outages due to high consumption during heat waves. What is the potential impact on your business and what steps can you take to continue to operate. Solar Power and Energy storage is a practical solution and remember, the solar rebates also applies to business. Backup generators are also an option and maybe covered under the Instant Asset Tax Write Off scheme.
Suppliers and supply chains is another important one. What happens if there are supply shortages, shipping delays, closures or industrial action? We have already seen 40 per cent of the nations delayed freight delayed on the wharves due to a cybersecurity breach.
Money is always a concern. That’s why I think that it interesting that there has been a lot of talk about the country going cashless. In times like the Optus outage cash is king and should not be ignored. In fact, increasing your cash sales can save money on things like Eftpos fees for small business.
Do you need a plan to use multiple communication channels to reach employees, customers, and partner if there is a major internet outage and are you staying up to date regulatory compliance changes and legal/liability laws and regulations that could impact your industry. These are all things to consider to future proof your business.