Created on September 14, 2012
When business is disrupted, it can cost money. Lost revenues plus extra expenses means reduced profits. Insurance does not cover all costs and cannot replace customers that defect to the competition. A business continuity plan to continue business is essential. Development of a business continuity plan includes four steps:
Conduct a business impact analysis to identify time-sensitive or critical business functions and processes and the resources that support them.
Created on September 12, 2012
Just a couple of years after they launched their new business, Mukund Kavia and Kusum Kavia could see the end coming.
Combustion Associates, Incorporated (CAI), a minority business enterprise, had opened its doors as an engineering consulting firm in Southern California in 1989. Their timing could not have been better. California Air Quality Management Districts had just passed more demanding air quality regulations. Commercial boilers of a certain size — those used to provide heat and hot water in schools, hospitals, and hotels, for example — needed to be upgraded to meet the new standards. The managers of such operations did not typically employ experts on boiler emissions. They needed help. They needed someone like Mr. Kavia.
As a result of its fortuitous timing, CAI got off to a fast start. Mr. Kavia was a Kenyan of Indian descent, and he had been educated in the United States and the United Kingdom in the field of mechanical engineering. In starting CAI, he had found a satisfying way to put his skills to work and to earn a living as an entrepreneur.
How quickly your company is back in business following a disaster will depend on emergency planning done today. The regular occurrence of natural disasters, the occasional utility and technology outages, and the potential for terrorism demonstrate the importance of being prepared for many different types of emergencies. While recognizing that each situation is unique, your business can be better prepared if it plans carefully, puts emergency procedures in place, and practices for the kinds of emergencies it could face.
Created on September 7, 2012
Some companies excel at today’s business. Those companies keep the wheels of the economy turning. Other companies innovate. These are the companies that build a better economy for tomorrow and raise living standards for all.
The largest companies have mammoth resources at their disposal for innovation. And so it is, and so it should be, that the most storied innovators are always the underdogs — those working in the garage.
Your garage may be lonely, but you do not work alone. America stands behind its minority business enterprises and salutes its innovators. In particular, America honors its enterprising leaders of this generation and of generations past for their historic and continuing contribution to the America we take pride in today. To sustain its greatness, America must continue to foster innovation domestically, attract the most talented and energetic business leaders from around the world and put their skills to work in this nation.
Created on August 31, 2012
This summer millions of business across the country were forced to close their doors in the aftermath of power outages, approaching wildfires, and flooding caused by tropical storms. Business interruptions, even if it lasts just a few hours, cost business owners greatly in terms of lost productivity and profits.