PLAN FOR EXTERNAL SHOCKS, FIRMS URGED

By BUUMBA CHIMBULU
BUSINESS continuity and disaster recovery plans for companies will need to be hard and clear for them to survive the current external shocks.
Stress-testing business plans against external shocks will be critical in planning, says Bankers Association of Zambia (BAZ) Chairperson, Herman Kasekende.
Mr Kasekende said companies would need the plans to take into account the macro-economic realities and the other uncertainties caused by nature such as a pandemic or natural disasters.
He said this in his write-up on Setting Goals Amidst Uncertainties.
“We will need to set shorter term targets that allow the company/entity to navigate the “turbulence” without losing sight of the vision and the purpose of company.
“Our respective Business Continuity and Disaster Recovery Plans will need to be hard, clear and ready to go – always – with military precision. We will also need a parallel Plan B for when nature or external circumstances strike again!” Mr Kasekende said.
Mr Kasekende indicated that the successful organisation was the one that would establish the equilibrium between the short-term objectives and the medium to long term strategies.
This, he explained, would provide the agility to overcome the current environment while preserving the foundations of the organisation and its staff to win and consistently deliver against the stated purpose.
“As expected, the resilience of the business model will be tested during periods of uncertainty. The big question will be whether the structures are built for agility and adaptability,” Mr Kasekende said.
He however cautioned on the need to make plans that were easily adaptable – being nimble and agile.
In this new normal, he said, what would be critical was having a clear vision of the future state of the company or organisation in say, five years.
Mr Kasekende said this would be imperative.
“So how do we set goals in this ‘new normal’ with so much un-certainty still lingering? Drawing from lessons learnt during the Covid-19 pandemic, how we plan our goals going forward must equally shift!” he said.