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Inspiration

The imperative to be prepared

quote often attributed to salesman, author operations. Several examples are cyber-attacks, weather-
and motivational speaker Zig Ziglar states, related events, earthquakes, pandemics, and supply chain
"Expect the best but prepare for the worst." disruptions.
A Over the years in the payments business, many
merchant level salespeople and ISO owners have heeded Once you identify the specific risks your company faces,
this advice. It seems now, with disruption coming from the next steps are to determine how each of those risks
economic factors, technological developments and envi- is likely to affect your operations, implement distinct
ronmental events, this advice seems more important than procedures and safeguards to mitigate those risks, and
ever. test the procedures planned to ensure they work.

But how do you apply this when many cornerstones of Like PCI compliance, however, this is not a one-and-done
commerce are now moving targets? A couple of things kind of thing. Your business continuity plan can't just sit
come to my mind here. They aren't the only ways to be in a computer file and be ignored. You must review it at
prepared, but they can help ensure your company can regular intervals to make sure it keeps up with changes
weather disruptions and even thrive during them. both within your business and in the broader environment.

Sock away some funds Avoid the costs
The first is to have cash reserves. When times are good, It might seem like it's not worth the time and effort to dig
it can seem like residuals will always be flowing. It's easy into the details and create a thorough business continuity
to forget lean times. However, there is an unavoidable ebb plan tailored to your business. Keep in mind that business
and flow in the economy, and we all experience personal continuity is central to the success of every business.
ups and downs. Thus, it's essential to put money aside Interruptions in your business lead to lost revenue and
during boom times. Do this and you'll have funds to carry higher costs, which ultimately mean lower profitability.
you if your cash flow slows to a trickle or you need to invest What's more, delays in products and services you provide
in new tools to take advantage of emerging opportunities to merchants and other business clients can lower their
in a changing economy. satisfaction and lead to churn and even reputational
damage—all of which lower profitability.
The other thing that came to mind is to have a business
continuity plan. Such a plan is a system created for the Planning ahead is always the way to go. Even if you face a
prevention of and recovery from potential threats a completely unforeseen circumstance, the preparation you
company may face. It addresses the protection of assets do now will help ensure that you land on your feet and are
and colleagues so they can function with minimal or even able to do what is necessary to move on.
no disruption should a disaster occur.
Assess the risks

The first step in creating a business continuity plan is
to assess all possible risks that may affect day-to-day
Kate Gillespie, President and CEO