Despite the lessons of the pandemic, some Irish firms admit they still don’t have a business continuity plan, according to the Institute of Directors.
Eight out of 10 Irish business leaders say their organisation had a continuity plan in place to plan for a possible disruption to their business prior to the onset of the Covid-19 crisis.
However, of the 17pc who conceded their organisation did not have business continuity plan in place prior to the novel coronavirus, over half (51pc) admits that their organisation still does not have a business continuity plan in place to deal with a future crisis.
“Having a business continuity plan in place is not just a formulaic process. It’s absolutely essential”
The latest quarterly IoD Ireland Director Sentiment Monitor research, for the period Q4 2020, was conducted between 18th January and 4th February 2021 among its 3,000 members, comprising CEOs and company directors.
How the pandemic changed business models
Maura Quinn, CEO, Institute of Directors in Ireland
The survey also finds that 91pc of business leaders reveal their business model has changed – either significantly or marginally – since the arrival of Covid-19 in Ireland early last year.
Furthermore, IoD Ireland’s research finds that 58pc of business leaders say the quality of board meetings has deteriorated – either significantly or marginally – since moving online.
Just 18pc say the quality of the meetings has improved, while nearly a quarter (23pc) say there has been no change.
In terms of strategy 15pc of leaders said their organisations were still implementing their emergency strategic plan while more than two-thirds (36pc) said they were transitioning between plans.
Just under a third (31pc) said their organisation is already enforcing its long term strategy.
“While business leaders in Ireland are still trying to navigate their way through the Covid crisis, it is encouraging to highlight that nearly eight out of 10 have had a business continuity plan in place to help plan for such an eventuality,” said Maura Quinn, chief executive of the Institute of Directors in Ireland.
“Having a business continuity plan in place is not just a formulaic process. It’s absolutely essential, and even more so today, to allow a business to anticipate and effectively adapt and pivot during a crisis. Furthermore, developing a rolling strategy and adapting business models are essential considerations to ensure a business can deal with a constantly changing environment.”
On the findings related to online board meetings, Maura Quinn added: “It is unsurprising that a majority of business leaders says the quality of board meetings has deteriorated since moving online, as so many of the critical dynamics of effective board meetings are difficult in the virtual space.
“However, until we can plan for the safe return of having in-person board meetings, the onus is on the chair and the board to recognise the limitations of the online experience and to enhance it as much as possible,” she said.
By John Kennedy (email@example.com)
Published: 25 February 2021