Businesses have been encouraged to have comprehensive business continuity plans to ensure their existence during challenging times within the financial environment.
The Chief Operating Officer of Absa Bank Ghana Limited, Michael Mensah-Baah who made the call underscored the need for the financial institutions to make considerable investments in areas that will see to their going concerns.
Mr. Mensah-Baah made this known on Tuesday,1` during the first of the four virtual business forums for this year’s Citi Business Festival held on Citi TV.
Christened ‘Reboot’, the virtual business forum discussed how businesses can be revived after the COVID-19 pandemic.
“What is important is, do you have the necessary plans in place. One of the things organizations are not able to do well is investing in business continuity plans. If you invest in it and you have accountability for it, you ensure that you test those plans. Then when the disruptions come, you can call on those, and then disruptions are limited.”
“One other area which is very important when it comes to business continuity plan is how you anticipate. Anticipation is critical because you can’t plan for everything. There is a saying that, planning is impossible but planning is essential. And because you can’t plan for everything, it is important as leaders that we are able to anticipate what the emerging threats are and then you fine-tune your plans so that when those threats happen, you are ready to embrace them.”
The 2020 edition of the Citi Business Festival started on Monday, June 1, 2020, with a line-up of radio and TV programs. It will feature virtual business forums and will be live on Citi TV.
The month-long festival of business events and on-air activities provides inspiration, business ideas, and information for persons who are starting, building or growing their businesses.
This year’s edition is sponsored by Absa Bank, GIPC, Citi 97.3FM and powered by the most comprehensive business news website; citibusinessnews.com.
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