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RBC Capital Sales, LLC (the “Firm”) is committed to protecting its employees, clients and their assets at all times, included in times concerning distress. As part of this commitment, and in compliance with the internals Enterprise Business Continuity Management policy and industry regulations (FINRA, NFA, ether al), the Firm maintains a business continuity plan (the “Plan”).
Since the Firm’s plan contains details of one confidential also proprietary nature is is not distributors to the public. The Planned is item to modifications and any material changes to the command aforementioned will be promptly post on who Firm’s websites as necessary by geltende law. Hard copies of this discovery document can be obtained upon call your RBC Wealth Management pecuniary speaker. Business Continuity Planning | Sparasec.com
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What Is A Business Continuity Plan? [+ Template & Examples]
Published: December 30, 2022
When a business crisis occurs, the last thing you want to do is panic.
The second-to-last thing you want to do is be unprepared. Crises typically arise without warning. While you shouldn't start every day expecting the worst, you should be relatively prepared for anything to happen.
A business crisis can cost your company a lot of money and ruin your reputation if you don't have a business continuity plan in place. Customers aren't very forgiving, especially when a crisis is influenced by accidents within the company or other preventable mistakes. If you want your company to be able to maintain its business continuity in the face of a crisis, then you'll need to come up with this type of plan to uphold its essential functions.
In this post, we'll explain what a business continuity plan is, give examples of scenarios that would require a business continuity plan, and provide a template that you can use to create a well-rounded program for your business.
Table of Contents:
What is a business continuity plan?
- Business Continuity Types
- Business Continuity vs Disaster Recovery
Business Continuity Plan Template
How to write a business continuity plan.
- Business Continuity Examples
A business continuity plan outlines directions and procedures that your company will follow when faced with a crisis. These plans include business procedures, names of assets and partners, human resource functions, and other helpful information that can help maintain your brand's relationships with relevant stakeholders. The goal of a business continuity plan is to handle anything from minor disruptions to full-blown threats.
For example, one crisis that your business may have to respond to is a severe snowstorm. Your team may be wondering, "If a snowstorm disrupted our supply chain, how would we resume business?" Planning contingencies ahead of time for situations like these can help your business stay afloat when you're faced with an unavoidable crisis.
When you think about business continuity in terms of the essential functions your business requires to operate, you can begin to mitigate and plan for specific risks within those functions.
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Business continuity planning is the process of creating a plan to address a crisis. When writing out a business continuity plan, it's important to consider the variety of crises that could potentially affect the company and prepare a resolution for each.
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- Business Continuity Plan Basics
- Understanding BCPs
- Benefits of BCPs
- How to Create a BCP
- BCP & Impact Analysis
- BCP vs. Disaster Recovery Plan
Frequently Asked Questions
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The Bottom Line
What is a business continuity plan (bcp), and how does it work.
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What Is a Business Continuity Plan (BCP)?
A business continuity plan (BCP) is a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.
Key Takeaways
- Business continuity plans (BCPs) are prevention and recovery systems for potential threats, such as natural disasters or cyber-attacks.
- BCP is designed to protect personnel and assets and make sure they can function quickly when disaster strikes.
- BCPs should be tested to ensure there are no weaknesses, which can be identified and corrected.
Understanding Business Continuity Plans (BCPs)
BCP involves defining any and all risks that can affect the company's operations, making it an important part of the organization's risk management strategy. Risks may include natural disasters—fire, flood, or weather-related events—and cyber-attacks . Once the risks are identified, the plan should also include:
- Determining how those risks will affect operations
- Implementing safeguards and procedures to mitigate the risks
- Testing procedures to ensure they work
- Reviewing the process to make sure that it is up to date
BCPs are an important part of any business. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. It is generally conceived in advance and involves input from key stakeholders and personnel.
Business impact analysis, recovery, organization, and training are all steps corporations need to follow when creating a Business Continuity Plan.
Benefits of a Business Continuity Plan
Businesses are prone to a host of disasters that vary in degree from minor to catastrophic. Business continuity planning is typically meant to help a company continue operating in the event of major disasters such as fires. BCPs are different from a disaster recovery plan, which focuses on the recovery of a company's information technology system after a crisis.
Consider a finance company based in a major city. It may put a BCP in place by taking steps including backing up its computer and client files offsite. If something were to happen to the company's corporate office, its satellite offices would still have access to important information.
An important point to note is that BCP may not be as effective if a large portion of the population is affected, as in the case of a disease outbreak. Nonetheless, BCPs can improve risk management—preventing disruptions from spreading. They can also help mitigate downtime of networks or technology, saving the company money.
How To Create a Business Continuity Plan
There are several steps many companies must follow to develop a solid BCP. They include:
- Business Impact Analysis : Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
- Recovery : In this portion, the business must identify and implement steps to recover critical business functions.
- Organization : A continuity team must be created. This team will devise a plan to manage the disruption.
- Training : The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.
Companies may also find it useful to come up with a checklist that includes key details such as emergency contact information, a list of resources the continuity team may need, where backup data and other required information are housed or stored, and other important personnel.
Along with testing the continuity team, the company should also test the BCP itself. It should be tested several times to ensure it can be applied to many different risk scenarios . This will help identify any weaknesses in the plan which can then be corrected.
In order for a business continuity plan to be successful, all employees—even those who aren't on the continuity team—must be aware of the plan.
Business Continuity Impact Analysis
An important part of developing a BCP is a business continuity impact analysis. It identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.
FEMA provides an operational and financial impact worksheet to help run a business continuity analysis. The worksheet should be completed by business function and process managers who are well acquainted with the business. These worksheets will summarize the following:
- The impacts—both financial and operational—that stem from the loss of individual business functions and process
- Identifying when the loss of a function or process would result in the identified business impacts
Completing the analysis can help companies identify and prioritize the processes that have the most impact on the business's financial and operational functions. The point at which they must be recovered is generally known as the “recovery time objective.”
Business Continuity Plan vs. Disaster Recovery Plan
BCPs and disaster recovery plans are similar in nature, the latter focuses on technology and information technology (IT) infrastructure. BCPs are more encompassing—focusing on the entire organization, such as customer service and supply chain.
BCPs focus on reducing overall costs or losses, while disaster recovery plans look only at technology downtimes and related costs. Disaster recovery plans tend to involve only IT personnel—which create and manage the policy. However, BCPs tend to have more personnel trained on the potential processes.
Why Is Business Continuity Plan (BCP) Important?
Businesses are prone to a host of disasters that vary in degree from minor to catastrophic and business continuity plans (BCPs) are an important part of any business. BCP is typically meant to help a company continue operating in the event of threats and disruptions. This could result in a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition.
What Should a Business Continuity Plan (BCP) Include?
Business continuity plans involve identifying any and all risks that can affect the company's operations. The plan should also determine how those risks will affect operations and implement safeguards and procedures to mitigate the risks. There should also be testing procedures to ensure these safeguards and procedures work. Finally, there should be a review process to make sure that the plan is up to date.
What Is Business Continuity Impact Analysis?
An important part of developing a BCP is a business continuity impact analysis which identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.
FEMA provides an operational and financial impact worksheet to help run a business continuity analysis.
These worksheets summarize the impacts—both financial and operational—that stem from the loss of individual business functions and processes. They also identify when the loss of a function or process would result in the identified business impacts.
Business continuity plans (BCPs) are created to help speed up the recovery of an organization filling a threat or disaster. The plan puts in place mechanisms and functions to allow personnel and assets to minimize company downtime. BCPs cover all organizational risks should a disaster happen, such as flood or fire.
Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15 - 17.
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Incorporating your business interests and needs into your estate plan.
While running a business is rewarding, it can also be time-consuming, demanding and challenging. Have you considered who would take on your business responsibilities if you were suddenly unable to do so? Who would manage your business in your absence?
Although it’s easy to get wrapped up in the ongoing operation of a business, you also need to make sure you have a current estate plan that takes your business interests into account.
“It’s critical to think about how your business would continue to operate if you were incapacitated,” explains Abby Kassar, Vice President, High Net Worth Planning Services, RBC Wealth Management Services. “A comprehensive estate plan should contemplate not only the distribution of your assets on your death, but also which individuals or organizations would make decisions on your behalf, from both a personal and financial perspective, if you couldn’t.”
Power of Attorney
You can achieve this kind of planning using a Power of Attorney. There are generally two kinds of Power of Attorney — a Power of Attorney for property and a Power of Attorney for personal care. Depending on the province or territory where you live, other healthcare directives and instructions for your personal care may be available. For instance, if you live in Quebec, you would prepare a Mandate instead of a Power of Attorney. Consult with a qualified legal advisor about the documentation you may need for your particular area and circumstances.
“It’s not uncommon to procrastinate when considering subjects such as death or incapacity, but a properly prepared Power of Attorney can help ensure not only that your personal and financial decisions are handled appropriately, but also that your business continues to run smoothly,” says Kassar. “This can be important whether you are the sole proprietor of an unincorporated business, a partner in a partnership or an owner or a director of an incorporated company.”
Who should you appoint as your attorney?
When choosing an attorney, the most important criterion is always to choose an individual who will prioritize your best interests. When you own and operate a private corporation, you should also consider who would be appropriate to take control of your corporation. It is possible to appoint a single attorney or multiple attorneys to work together. Consider appointing an individual or individuals to act on your behalf who understand your business and could work co-operatively with existing directors, shareholders, partners, employees or other staff members who may be involved in day-to-day decision-making.
The right choice can be critical to avoiding disruption in your business and minimizing the impact on your customers.
Other factors also need to be considered. Who would be a good alternate attorney if your primary attorney was unable to fulfill his or her duties? Should you compensate your attorney, and if so, how much? Can your attorney delegate his or her authority? Discuss these questions with your qualified legal advisor and, if appropriate, involve key individuals in your business to keep everyone informed of your decisions.
When will your Power of Attorney come into effect?
Consider the range of tasks that would require attention in order to operate your business and manage your affairs if you were unable to take care of them yourself. Aside from using a Power of Attorney in the event of your physical or mental incapacity, you can also choose to have this document take effect in various other situations. Donors have the ability to control the range of authority given to their attorney, as well as when that power is to take effect and for how long. For example, you may wish to have your attorney act in limited circumstances on your behalf while you are away on business or vacation and cannot act personally. The power you give could be limited to one specific absence. You could also choose to have the Power of Attorney take permanent effect if you become incapacitated, as it may be impractical or impossible for you to manage your affairs in the usual way.
If you want your Power of Attorney for property to remain valid during a period of incapacity, the Power of Attorney you prepare must contain a clause that the power granted to the attorney will continue notwithstanding the donor’s loss of mental capacity. This is known as an “Enduring” or “Continuing” Power of Attorney. If you don’t have such a clause, the power you grant to your attorney will cease if you lose mental capacity. This can be precisely the time when you need an effective Power of Attorney.
Another option is to provide that your Power of Attorney will not become effective until you are mentally incapable of managing your finances. If you wish to have the Power of Attorney take effect in such a case, ensure your lawyer is aware of your intention and clearly defines what the triggering event will be. In cases where the document comes into effect on your mental incapacity, consider instructing your lawyer to identify in the Power of Attorney the person or organization responsible for determining your competence and perhaps stipulate an appropriate dispute resolution mechanism in case a conflict or disagreement arises.
What powers will you give your attorney?
When granting a Power of Attorney, you should try to anticipate what issues your attorney may encounter and you may want to give direction as to how to deal with these issues. You can be as broad or as specific as you wish. Remember that your attorney must always adhere to the fundamental principle that he or she is acting in a fiduciary capacity and his or her actions must be in your best interests. Other common law principles also apply to the fiduciary relationship that exists between you and your attorney. These are implied by law and do not need to be expressly included in the Power of Attorney. For example, the common law requires that the attorney avoids conflicts of interest and acts in good faith. Bear this in mind when deciding the terms on which to grant a Power of Attorney and the contingencies for which you wish to empower your attorney.
When thinking about your personal assets, if you want your attorney to have the ability and authority to perform any of the following tasks, you generally need to include an express provision in the document that authorizes them to:
- Delegate investment powers to a portfolio manager or investment counsellor;
- Make gifts or loans to third parties, including charities;
- Implement estate planning strategies such as settling an inter vivos trust, effect an estate freeze and transfer assets in your sole name to a joint account with right of survivorship; and
- Make certain beneficiary designations on RRSPs, RRIFs, TFSAs and/or insurance
On the other hand, when thinking about your private corporation shares and the management of your corporation, there are additional matters to consider. A couple of significant considerations are discussed below.
Acting as a company director
Using a Power of Attorney may not be sufficient for your attorney to conduct transactions on non-personal accounts. Typically, corporate accounts can only be accessed by representatives of the corporation, such as an officer or director. When you appoint an attorney, you are authorizing that person or organization to step into your shoes as the owner of your shares and sell, transfer or vote on the shares on your behalf. The Power of Attorney does not give your attorney authority to act as a director of your corporation.
To become a director, your attorney, in his or her capacity as a shareholder under the Power of Attorney, would need to elect himself or herself as director. So if you are a company director, consider this additional step and ensure that your attorney will have the power he or she needs to fulfill the duties you intend for him or her. If there are other corporate shareholders, your attorney may also need their consent to be elected as a director. By planning ahead and informing everyone who is likely to be affected, you can equip your attorney with the powers necessary to act.
If you wish your attorney to perform transactions on your behalf on your non-personal accounts, consult your qualified legal advisor regarding the documentation that may be required.
Does your attorney have a corporation?
If you give your attorney broad powers, including the ability to exercise voting rights over your corporate shareholding, Canada Revenue Agency (CRA) may deem that your attorney is the owner of the shares unless the exercise of the voting rights is contingent on your death, bankruptcy or permanent disability.
CRA has held that where you give your attorney the authority to vote shares of a corporation legally controlled by you, your corporation would become associated with any corporation controlled by your attorney. This association of two corporations may have unintended tax consequences. The two corporations may then be required to share the small business deduction limit and this can reduce the tax benefit from which each of the corporations could have benefitted. When including powers in your Power of Attorney, ensure that by appointing the attorney you have chosen, you are not inadvertently associating your corporation with a corporation controlled by your attorney. To minimize the chance of this happening, provide in the document that the Power of Attorney will only take effect in the event that you are permanently disabled.
Note: In the creation or update of a Power of Attorney, it is important to consult with a qualified legal advisor to ensure your wishes and intentions are properly accounted for and that all information is accurately documented.
This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc. (RBC DS)*, RBC Phillips, Hager & North Investment Counsel Inc. (RBC PH&N IC), RBC Global Asset Management Inc. (RBC GAM), Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the “Companies”) and their affiliates, RBC Direct Investing Inc. (RBC DI) *, RBC Wealth Management Financial Services Inc. (RBC WMFS) and Royal Mutual Funds Inc. (RMFI). *Member-Canadian Investor Protection Fund. Each of the Companies, their affiliates and the Royal Bank of Canada are separate corporate entities which are affiliated. “RBC advisor” refers to Private Bankers who are employees of Royal Bank of Canada and mutual fund representatives of RMFI, Investment Counsellors who are employees of RBC PH&N IC, Senior Trust Advisors and Trust Officers who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC DS. In Quebec, financial planning services are provided by RMFI or RBC WMFS and each is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI or RBC DS. Estate and trust services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies or RMFI, clients may request a referral to another RBC partner. Insurance products are offered through RBC Wealth Management Financial Services Inc., a subsidiary of RBC Dominion Securities Inc. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of RBC Wealth Management Financial Services Inc. In Quebec, Investment Advisors are acting as Financial Security Advisors of RBC Wealth Management Financial Services Inc. RBC Wealth Management Financial Services Inc. is licensed as a financial services firm in the province of Quebec. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, RBC WMFS, RBC DI, Royal Bank of Canada or any of its affiliates or any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein.
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Business Continuity Planning
Organize a business continuity team and compile a business continuity plan to manage a business disruption. Learn more about how to put together and test a business continuity plan with the videos below.
Business Continuity Plan Supporting Resources
- Business Continuity Plan Situation Manual
- Business Continuity Plan Test Exercise Planner Instructions
- Business Continuity Plan Test Facilitator and Evaluator Handbook
Business Continuity Training Videos
The Business Continuity Planning Suite is no longer supported or available for download.
Business Continuity Training Introduction
An overview of the concepts detailed within this training. Also, included is a humorous, short video that introduces viewers to the concept of business continuity planning and highlights the benefits of having a plan. Two men in an elevator experience a spectrum of disasters from a loss of power, to rain, fire, and a human threat. One man is prepared for each disaster and the other is not.
View on YouTube
Business Continuity Training Part 1: What is Business Continuity Planning?
An explanation of what business continuity planning means and what it entails to create a business continuity plan. This segment also incorporates an interview with a company that has successfully implemented a business continuity plan and includes a discussion about what business continuity planning means to them.
Business Continuity Training Part 2: Why is Business Continuity Planning Important?
An examination of the value a business continuity plan can bring to an organization. This segment also incorporates an interview with a company that has successfully implemented a business continuity plan and includes a discussion about how business continuity planning has been valuable to them.
Business Continuity Training Part 3: What's the Business Continuity Planning Process?
An overview of the business continuity planning process. This segment also incorporates an interview with a company about its process of successfully implementing a business continuity plan.
Business Continuity Training Part 3: Planning Process Step 1
The first of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “prepare” to create a business continuity plan.
Business Continuity Training Part 3: Planning Process Step 2
The second of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “define” their business continuity plan objectives.
Business Continuity Training Part 3: Planning Process Step 3
The third of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “identify” and prioritize potential risks and impacts.
Business Continuity Training Part 3: Planning Process Step 4
The fourth of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “develop” business continuity strategies.
Business Continuity Training Part 3: Planning Process Step 5
The fifth of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should define their “teams” and tasks.
Business Continuity Training Part 3: Planning Process Step 6
The sixth of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should “test” their business continuity plans. View on YouTube
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What Business Owners Need to Know: Important Updates in Relief and Support Programs
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Canada Emergency Business Account (CEBA)
Q: I’ve received a CEBA loan and I’m ready to repay it. How and when do I pay it back to take advantage of the debt forgiveness part of the program?
A: “Repaying the outstanding balance of your loan (other than the amount available to be forgiven) by December 31, 2022, will result in loan forgiveness,” explains Joanne Ironside, RBC Business Account Manager. Loan forgiveness applies provided that no default under the CEBA loan has occurred. Here are the terms of loan forgiveness explained further:
If you borrowed $40,000 or less , you may be eligible for loan forgiveness of 25 percent of the maximum amount that you borrowed on your loan. For example:
- If you borrowed $40,000 and repay $30,000 by December 31, 2022, $10,000 of the loan will be forgiven and you will not need to repay it.
If you borrowed $60,000, you may be eligible for $20,000 in loan forgiveness. For example:
- If you borrowed $60,000 and repay $40,000 by December 31, 2022, $20,000 of the loan will be forgiven.
Visit RBC’s CEBA page for more details on this program.
The full terms of loan forgiveness can be found on the Government of Canada website .
Q: I’ve received a CEBA loan, and I won’t be paying it back early (I still need access to the full amount). What are my payment terms?
A: “You can access funds from your CEBA loan until January 20, 2022,” says Ironside. “After this date, it converts to a term loan – there is 0% interest charged until December 31, 2022 and no principal payments are required during this time.”
As of January 1, 2023, you will be charged interest on your loan at a rate of 5% per annum which is payable monthly. No principal repayments are required until December 31, 2025 when the entire loan and all accrued and unpaid interest becomes due and payable.
Q: I’ve received a CEBA loan and I’m not ready to repay it, but I don’t need to use it all right now. How can I get the money working hard for me until I need it?
A: “Every business has unique cash flow needs. I recommend speaking with your Account Manager or speak with an RBC Business Advisor ( book appointment online or call 1-800-769-2520) to discuss the options that are best for you and your business,” advises Ironside.
Highly Affected Sectors Credit Availability Program (HASCAP)
Q: I haven’t applied for HASCAP yet. What should I consider as I apply?
A: “It’s important to keep in mind that the HASCAP loan is a fixed rate loan product, which comes with a penalty should it be repaid early. Careful consideration should be made as to the amount your business requires to effectively operate until regular volumes can be resumed,” explains Ironside.
“It’s also important to note that eligibility is dependent on a 50% year-over-year revenue decrease in any three of the last eight months trailing your application date,” adds Jeffrey Heard, RBC Commercial Account Manager.
If your application is completed in December, for instance, you will be comparing revenue as follows:
April 2021 – November 2021 vs. April 2020 – November 2020
“When figuring out if you are indeed still eligible, you’ll want to consider that you are now dealing with year-over-year monthly comparisons that are no longer in the heart of the shutdown on either end of the comparison,” Heard further explains.
Heard and Ironside also emphasize that HACSAP is formal term debt and should be allocated into a company’s fixed expense projections for the term of the loan. For example, it should be treated how rent, insurance or other fixed expenses would be planned and accounted for.
Q: I received a HASCAP loan earlier this year. How much longer can I defer principal payments?
A: “When your HASCAP loan is approved by your lender, your repayment terms will be determined at that time,” says Ironside. “You can choose to make interest-only payments over the first twelve months and select a repayment term and schedule that meets your needs after that. Loans can be amortized for up to ten years – interest rates are fixed at 4%.”
Status of Other Programs
Q: There are several different financing programs available. How do I determine which one I should apply to?
A: “As there are many programs, each with different purposes and eligibility requirements, it’s a good idea to speak with your Account Manager or designated RBC representative. Alternatively, you can book an online appointment to speak with an RBC Business Advisor. They can help you navigate the options and provide guidance on making a decision that’s best for the present and future needs of your business,” says Josh Morawetz, RBC Business Advisor.
Q: What should I do to prepare for a loan application?
A: “Applying for loans in the current environment is slightly different than pre-COVID. Loan approvals are not as black and white as they used to be.” explains Heard. “It’s a good idea to engage in a conversation with your Account Manager early on so they can help you from a strategic planning perspective. Getting as detailed as possible about your prospects and having plans and projections prepared will help with the process,” he explains.
Alternative Funding Options
There are more ways to fund your business beyond government programs, many of which come with additional benefits such as networking and mentorship opportunities. Here are programs that can help you run your business, whether you’re currently recovering, growing or holding steady.
Non-repayable government grants can allow companies to expand, create jobs, advance innovation and launch environmental initiatives. While grants can be game-changers for businesses, the grant landscape is both complex and dynamic.
GrantMatch is an industry leader in securing government funding for organizations. They cut through the confusion and complexity and uncover the financial resources and incentives that best match the needs of your business.
Learn More >
Provincial Programs
In addition to federal government programs, provincial governments have implemented a wide range of initiatives to support local businesses. Visit the Government of Canada website to locate provincial and territorial support.
Futurpreneur
Futurpreneur is the only national, non-profit organization that provides resources, financing and mentoring to aspiring and new entrepreneurs so they can build a successful future.
Supporting young entrepreneurs with an expert business mentor for up to two years and resources to help plan, launch, manage and grow a business, they help turn great ideas into thriving businesses.
RBC Black Entrepreneur Loan Fund
The RBC Black Entrepreneur Loan Fund is available to eligible Black entrepreneurs in Canada who are looking to start, manage or grow their business with access to loans up to $250,000.
In addition, the Black Entrepreneur Program brings together business, marketing and digital experts with community leaders to share ideas and best practices in a concrete effort to advance growth for Black entrepreneurs. Not only does the program provide access to capital, it offers access to experts and support for Black communities across Canada.
Learn more >
Magnet Student Work Placement Program
For businesses looking to grow and take advantage of government subsidies, the Magnet Student Work Placement Program (SWPP) , in partnership with RBC Future Launch, provides businesses up to $7,500 to hire students in a cost-effective way, while supporting youth and diversity employment.
Bringing together “employers, students, and post-secondary school stakeholders to create quality work-integrated learning (WIL) opportunities, the program provides employers with wage subsidies to hire post-secondary students for paid work experiences. Students in turn benefit with quality work experience so they can secure employment in their chosen fields of study.”
1. While some of these options may be available to you and your business, they may increase your interest costs or your outstanding principal balance over the life of your loan or increase the outstanding balance on your credit card during the relief period, if applicable. You should carefully evaluate your financial situation and priorities before exercising any of these options to the extent they are available to you.
2. while information presented here is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. if you have further questions about any of these programs please consult the applicable government websites or, if you are an rbc business client, speak to an rbc advisor by booking an online appointment ..
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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How to ensure business continuity in the face of internet disruptions.
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Ryan is the President and Chief Operations Officer of GeoLinks , a leading Internet and Digital Voice Provider.
Businesses that want to remain competitive need to proactively plan for unforeseen circumstances that could potentially hinder business continuity, such as internet disruptions. When your internet connection goes down, it not only disrupts your communication channels internally but also cuts you off from vital external stakeholders such as suppliers, customers, distributors and sales partners. Additionally, the reliance on cloud applications and the potential loss of revenue further highlights the urgency for businesses to prioritize measures that ensure uninterrupted operations in the face of internet disruptions.
Throughout my career in telecommunications, I've observed that strategic technology investments are vital to guarantee seamless business operations. Rather than adopting a passive stance, business leaders should actively seek out and invest in innovative strategies and solutions that safeguard business continuity.
Below are three key things businesses should consider to ensure business continuity in 2024.
1. Network Redundancy
The Covid-19 pandemic highlighted the necessity for flexible working options and forced many businesses to transition into remote models. Even after the pandemic, a significant percentage of companies retain a remote work option. According to Buffer, 64% of companies were fully remote in 2023 and this trend will likely continue, with a prediction that 32.6 million Americans will work remotely by 2025. Network redundancy, the process of data flowing seamlessly when a primary network component or link fails, becomes critical as businesses rely heavily on consistent and stable internet connectivity for both in-office and remote work setups, making it important to maintain business continuity.
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Having internet failover—a backup internet connection that creates redundancy—in place helps safeguard your business from the vulnerabilities of single-connection failure. Technologies like software-defined wide area networks (SD-WAN) can easily establish and manage internet failover protection for a single-branch or multi-branch operation. At GeoLinks, for example, we maintain multiple internet paths and diverse connectivity options to guarantee 100% uptime for our business clients and team.
Business leaders should diversify technological investments, including a dedicated fixed wireless circuit, a fiber connection, a 5G hotspot, or other alternatives to mitigate risks and avoid dependency on a single solution.
2. Disaster Recovery Plan
In light of the recent outage that left businesses in south Dallas without internet, the importance of having a disaster recovery plan for internet disruptions becomes even more evident. According to a LogicMonitor study, 96% of organizations experience an outage in a 3-year period, while 95% experienced at least one brownout, defined as "an occasion when less electric power than usual is supplied to an area."
Given that internet connectivity is critical for modern businesses, a well-structured disaster recovery plan is crucial for minimizing the impact on business continuity during unforeseen events, such as bad weather, a cyberattack or system failures. This plan should outline how to quickly restore internet connectivity and minimize the impact of internet disruptions.
To develop an effective plan, businesses should start by conducting a thorough assessment of their current network infrastructure. Identifying potential vulnerabilities and single points of failure is key to shoring up defenses against unexpected outages. Gathering feedback from managers and employees is equally important, as their insights can reveal overlooked aspects and areas that may not have been fully addressed in the initial planning stages.
Integrating diverse technologies, like long-term evolution (LTE), can help improve a disaster recovery plan. LTE is a high-speed wireless communication standard that quickly fills the gap when the primary connection is disrupted. Well-designed networks utilize diverse technologies. Leveraging these technological resources helps to maintain productivity, guarantee smooth communication with stakeholders and safeguard revenue streams.
3. Unified Communications
As technology continues to evolve, the importance of adapting and incorporating these advancements for business continuity increases. Unified communications (UC), which integrates different communication tools into a single system, helps with the modern demand for on-the-go business connectivity.
One key element of unified communications is the incorporation of digital voice technologies. Such technologies allow businesses to make and receive calls via high-speed broadband internet connections, replacing the need for traditional phone lines. Consequently, businesses can maintain seamless communication regardless of location.
Artificial intelligence (AI) can be further leveraged for business continuity, with a 2022 Deloitte survey revealing that 76% of respondents plan to increase investments in AI to gain more operational benefits. In terms of business continuity, AI enables automated customer service outside regular business hours. Incorporating tools like digital voice and AI ensures businesses can operate more smoothly and maintain continuity.
Maintaining business continuity requires planning and investment.
As business leaders, it’s important to recognize that no company is exempt from unexpected disruptions. By investing in network redundancy, establishing disaster recovery plans and embracing technology advancements like UC and AI, businesses can optimize operational efficiency, revenue and long-term success.
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Business Continuity Plan RBC Capital Markets, LLC (the "Firm") is committed to protecting its employees, clients and their assets at all times, including in times of emergency.
Business continuity plan RBC Capital Markets, LLC (the firm) is committed to protecting its employees, clients and their assets at all times, including in times of emergency.
Home Policies and Disclaimers Business Continuity Plan To our Clients and Prospective Clients: RBC Capital Markets, LLC ("RBCCM LLC" or the "Firm") is committed to protecting its employees, clients and their assets at all times, including during emergencies or significant business disruptions.
Business Continuity Plan RBC Capital Markets, LLC (the "Firm") is committed to protecting its employees, clients and their assets at all times, including in times of emergency.
RBC Nexus. Get more done—quickly and easily—with an integrated portal that is your gateway to all of RBC Clearing & Custody's technology tools. RBC Nexus centralizes client information, firm-level information, service tools, knowledge resources and all the relevant information you need to service your clients.
Risk review Business continuity Integrity at RBC Priorities, Policies and Governance Why integrity is important to our business Integrity can be regarded as acting according to one's values, beliefs and principles. Financial services companies depend on a foundation of trust and effective risk management for their long-term success.
Business Continuity Plan RBC Big Markets, LLC (the "Firm") is committed to protecting its employees, clients and its total at all times, including in times of alarm. As part of this commitment, and in compliance with one internal Enterprise Business Continuity Management policy and industry regulations (FINRA, NFA, et al), the Firm ...
A business continuity plan outlines directions and procedures that your company will follow when faced with a crisis. These plans include business procedures, names of assets and partners, human resource functions, and other helpful information that can help maintain your brand's relationships with relevant stakeholders. The goal of a business ...
Business Continuity Planning - BCP: The business continuity planning (BCP) is the creation of a strategy through the recognition of threats and risks facing a company, with an eye to ensure that ...
With that in mind, we are providing you with this information on our business continuity plan. Contacting Us — If after a significant business disruption you cannot contact us as you usually do at 800 454 1628, you should call our alternate number 517 333-4512 or go to our web site at Shop4Bonds.com.
In Quebec, financial planning services are provided by RMFI or RBC WMFS and each is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI or RBC DS. Estate and trust services are provided by Royal Trust Corporation of Canada and The Royal Trust Company.
Business Continuity Plan Client Disclosure ISC Group, Inc. has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in ... RBC has a plan to restore their own operations and be able to ...
business continuity with your financial services. Next steps ¡ Introduce the new management team to your RBC Business Advisor to ensure you maintain the continuity of banking and business services and have a comprehensive onboarding plan. ¡ Document the various components of your business.
Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter- party impact; regulatory reporting; and assuring ou...
Create your plan with the RBC Business Plan Builder What is a Business Plan? Put simply, a business plan is a document that explains to others your vision for your business, the gap in the market your business will fill and the steps you will take to succeed.
Business Continuity Training Part 3: Planning Process Step 6. The sixth of six steps addressed in this Business Continuity Training, which detail the process of building a business continuity plan. This step addresses how organizations should "test" their business continuity plans. Organize a business continuity team and compile a business ...
Accessibility Plan. The intent of the Accessibility Plan is to outline how RBC will identify, remove and prevent barriers for Persons with Disabilities and meet relevant requirements of Accessible Canada Act (ACA). ... In a presentation given to an international emergency preparedness conference, former RBC Business Continuity Management ...
A $60,000 loan funded by the Government of Canada to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity. Until January 20, 2022, CEBA loans were funded as a revolving line of credit for $60,000 through the RBC ® CreditLine for Small Business™.
December 31, 2022: For loans with a $60,000 limit - If you repay $40,000 of the $60,000 by this date, loan forgiveness of $20,000 will apply. For loans with a $40,000 limit - If 75% of the maximum balance is paid by this date, loan forgiveness of 25% will apply. January 1, 2023: Interest begins to apply to any outstanding loan amount.
A business plan is a document that explains to others your vision for your business, the gap in the market your business will fill and the steps you will take to succeed. Why is a business plan important? A business plan describes what your business does and outlines the opportunities you wish to capture.
Artificial intelligence (AI) can be further leveraged for business continuity, with a 2022 Deloitte survey revealing that 76% of respondents plan to increase investments in AI to gain more ...
Business Plan Builder. Get More for Your Business. We know that running a business is challenging. That's why RBC provides business owners with access to great products, services and the support you need for success. Services Beyond Banking.