Remote access to banking transactions and information is as important for everyday efficiency as it is for business continuity in times of crisis. It's necessary to have a strong business continuity plan. The first step in developing a business continuity plan is to fully understand all of your business' processes and the risks they're exposed to. Be sure to conduct a thorough review of operations, document all cash flow-related processes and research how different types of disasters could impact them.
According to Kerrie Duvernay, director of Treasury Services at Hancock Whitney, it's important to define all mission- critical treasury activities -- those that your business couldn't be without for several days. "Determine how you would work around them if they were interrupted," she said. "For instance, how will you fund payroll or time-sensitive trade payment disbursements?"
"One lesson the coronavirus pandemic has reinforced is that there are threats to business continuity beyond weather events," said Jerry Brodnax, sales manager of Treasury Services at Hancock Whitney. Many types of disruptive events, in addition to hurricanes and flooding, can temporarily bar the door to workplaces. In other words, you never know when you and your staff will need to be able to work effectively from home or a remote location.
Bolstering your plan
The good news is that building a strong business continuity plan doesn't mean starting from scratch. You can bolster your plan by incorporating a variety of tools from your bank, including:
- Online and mobile banking applications that enable you to review information, initiate and approve transactions, pay and receive bills, and manage accounts anywhere you have internet access.
- Remote deposit capture, so you can deposit checks electronically whenever physically transporting them to a bank branch would be problematic.
- Automated Clearing House (ACH) origination and wire transfers, so you can deliver critical trade, tax and other payments in the event of postal delays or disruptions.
- Same-day ACH can help when you need more flexibility in timing payroll or fast payout of insurance claims and reimbursements, or when you want to offer a same-day bill payment option to your customers.
- Direct deposit of payroll lets you electronically deposit pay into employee accounts and avoid disaster-related delays that can occur with paper checks.
- A business, purchasing or virtual credit card can help manage expenses before, during and after a disaster. They're widely accepted and typically offer travel/ emergency assistance, as well as features such as spending limits that can be adjusted in real time.
Above all, don't wait for disaster to strike to put business continuity planning on your radar. While planning and preparation take time, Hancock Whitney's Treasury Services specialists can help your business stay prepared with a wide variety of cash management solutions. Lastly, be sure to test your business continuity plan at least yearly and keep it updated whenever your organization experiences any significant change.
For more information, visit www.hancockwhitney.com/treasury-services or call (866) 594-2304.
