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Business Continuity - Boston Marathon Tragedy

If you were a business owner in the area of the Boston Marathon, would you have a Business Continuity Plan?

http://www.marketplace.org/topics/business/day-after-boston-marathon-bombings-small-businesses-stories

The day after the Boston Marathon bombings: Small businesses' stories

by Mark Garrison
Marketplace for Tuesday, April 16, 2013

"Dozens of Boston blocks are locked down so investigators can pick through bombing evidence in the triangle-shaped crime scene. But just outside borders of that triangle, small businesses are reopening. They’re unlocking their doors because they feel a deep connection and obligation to the community that houses them..."

Answers

Chris Shumate
Title: Accounting Manager
Company: Dominion Development Group, LLC
LinkedIn Profile
(Accounting Manager, Dominion Development Group, LLC) |

One of the most inspiring stories I read from this tragedy is of a jewelry store opened the day after it happened with an American flag flying as a symbol that the heartless person/group/whatever will not win. Business will go on because Boston will not be defeated by acts like this. He said he didn't care if the business sold anything. It was about the principle of not letting the opposition feel like it won what it hoped to win.

Here's a link: http://sports.yahoo.com/news/spt--bostonians-show-resiliance-day-after-marathon-attacks-005034622.html

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

I'm not sure where the Jewelry store is located, and its a testament to the people of Boston as it was NY not to let domestic or foreign terrorists dictate our lives; but for all those other businesses that are essentially closed because of the 12 block radius of the police investigation, lack of a BCP could mean disaster to their livelihoods.

Julia Hubbard
Title: Business operations & Finance, Student A..
Company: California State University Monterey Bay
(Business operations & Finance, Student Affairs, California State University Monterey Bay) |

I think if anything the Boston Marathon small business story is just another example to business owners everywhere that a Business Continuity Plan is essential for all, family owned, small, medium or large. Texas is a better example of how 1 freak accident could destroy a business owner's ability to pay the bills and serve with others to get your community back on track. However, with continuity of operations planning it could be a different story. It's unfortunate that many small businesses have an idea of what they would do if they have a disruption in the supply chain on a minor level, but not for a major disruption. It seems frequently that Insurance is the only contingency plan if there is critical damage to physical infrastructure. It saddens me to know that by the time some of those damaged businesses have rebuilt or repaired facilities, they will have either relocated or can no longer afford to operate.

For instance, if you were the fertilizer plant that blew up, would you rebuild, relocate or retire? What would your Continuity Plan be?

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Might I add that insurance as a contingency plan is as bad and maybe worse than not having a plan. The time it takes to recover alleged insured dollars (you'll never see what you think is due you) could be better spent making more money by doing business.

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