Business Continuity Advisory and Planning in Singapore
The rapidly-changing world has addressed challenges to the economy. The tide turned moments in the economy seem to be one of the most difficult situations for policy makers. Many businesses cannot risk being incompetence and outdated in the fast-changing and volatile business environment. The urge to stay competitive has brought business continuity advisory and planning to the forefront.
What is Business Continuity?
As the name implies, business continuity helps to build and improve resilience in your business so that it could stay on course whatever storms it is forced to weather.
In fact, business continuity is about identifying the key products and services of a particular business as well as the top-priority activities that underpin them. The analysis will bring forth strategies and frameworks that will keep your business operate and recover effectively from any form of disruption regardless of its size or cause. Business continuity plan equips you with a solid plan to lean on in times of crisis. In other words, including business continuity plan into your business ensures security and stability.
Why Do You Need Business Continuity?
The business continuity identifies plans to minimize the negative effects of potential risks. Here are the reasons why your business should adapt the idea of business continuity.
1. Prepare for the worst
You will get a better understanding of your company, and potential areas of vulnerability. As such, you could prepare your business against the risks and minimize the adverse impact, with viable strategies and business continuity plans.
2. Risk assessment
The purpose of having a business continuity plan is not solely to prepare for any unforeseen risk, but to assess a business. In fact, the business continuity planning begins with a detailed analysis of the business include the financial performance, assets and so on.
3. Stay competitive
A well thought out plan can help an organization or a company to weather through the difficulties easily and effectively. Also, a business continuity plan helps you to gain a competitive edge over your competitors. It proves that your business is robust enough to cope with any uncertainties and it demonstrates your commitment to managing risks.
How can 3E Accounting Singapore help you?
Now you know that there is a multiplicity of advantages in planning for Business Continuity within your company.
But how to do it?
3E Accounting Singapore is always ready to help. 3E Accounting Singapore is not merely a team of accounting professionals, but a one-stop business solution provider. We offer a wide range of business advisory services that could be tailored to meet your business needs.
The business advisory services include:
- Valuation Service
- Financial Due Diligence
- IFRS Reporting
- Forensic Investigations Service
- Market Readiness Assistance (MRA) Grant Consulting for SMEs
- Business for Sale
- Business Transformation Consulting Services
- SME Transformation Package
On top of that, 3E Accounting understands that the retirement, incapacitation, or death of a partner or key person could have an adverse impact on your business. As such, we also provide services in succession planning and retirement plan. Succession planning is not only a plan to deal with the issue of leadership transition; it is also a strategy to build strong leadership as well as to help a business to sustain in the fast-changing marketplace. Furthermore, retirement planning is another crucial part in a business where a business owner will need to have a business exit strategy, a business will as well as to foresee what would happen to his or her business during her retirement.
On a final note
Continuation planning is important to ensure the longevity of your business. Feel free to contact us today to find out what is business continuity and how could a business continuity plan safeguard the future of your business!