Mistakes to Avoid When Developing a Business Continuity Plan

A longtime resident of Franklin Lakes, Taylor Hallman serves as a business continuation associate at Prudential Financial in New Jersey. As a certified business continuation professional living in Franklin Lakes, Taylor Hallman is responsible for developing business continuation plans and testing solutions to improve the level of resilience of the business in the event of a disaster.

Business continuity planning, or BCP, is a thorough and time-consuming process. Managers gather a substantial amount of data and engage in extensive deliberations to develop procedures that are both effective and cost-efficient. Each step in the business continuity planning is inter-connected. Therefore, it is important not to make any assumptions or mistakes that could derail the progress of the BCP.

Failing to conduct a business impact analysis (BIA) is a serious oversight and should never happen during a BCP. A business impact analysis is the first step of the process and helps managers identify all areas of the business that are prone to vulnerabilities from internal and external threats.

Another mistake that should be avoided is not getting the support from senior management and employees. Any change, however small, is significant and often requires time, money, and employee participation. It is always helpful to get the approval of the senior management and the full commitment of the employees to carry out their roles and responsibilities. 

Moreover, managers should not skip conducting BCP exercises regularly. BCP exercises test the outcomes of the continuity plan and reveal any idle steps or additional gaps that must be corrected. Any changes to the BCP should be retested before they can be operational.

Essential Elements of a Business Continuity Plan

A resident of Franklin Lakes, Taylor Hallman serves as a business continuation associate at Prudential Financial in Newark, New Jersey. In this role, Taylor Hallman of Franklin Lakes is responsible for identifying processes and dependencies that are essential to the creation of a viable business continuity plan.

A business continuity plan (BCP) is a strategy that analyzes risks facing a company and allocates the right resources to safeguard the business in the event of a disaster. A BCP consists of essential elements, such as a business impact analysis, recovery strategies, and exercises.

The business impact analysis determines the financial and operational impact caused by a disruption of a specific business function. The analysis may review income losses, increased expenses, customer dissatisfaction, and regulatory fines. The business impact analysis also assesses the timing and duration of the disruption, as this information is necessary for resource allocation. 

The next step in a BCP is to develop recovery strategies to avoid or mitigate the risks identified during the business impact analysis. During this stage, managers check whether they have adequate resources in terms of employees, equipment, and technology. Recovery strategies are typically industry-specific, but may include relocation, prioritization, and the outsourcing of tasks. 

The last step in a BCP is to test the recovery strategies to ensure that they will work as planned. Any changes as a result of the BCP exercise must be reflected in the plan.

Tylenol as a Case Study in How to Address Corporate Crisis

Taylor Hallman is a Franklin Lakes, New Jersey, professional who serves as a business continuation associate with Prudential Financial, in which role he sets in place strategies to ensure viable operations during moments of disruption and crisis. Taylor Hallman of Franklin Lakes has a strong understanding of the leadership qualities that have carried companies through strong headwinds and back to sustained profitability. 

One prominent example of this came in 1982, when seven people died after taking Extra Strength Tylenol to which cyanide had been added. With over-the-counter (OTC) drug safety in question, James E. Burke, then CEO of Tylenol parent company Johnson & Johnson, needed to take quick action. A first step involved the announcement that no further OTC capsules would be sold, as capsules were more susceptible to tampering than solid caplets. 

At the same time, 32 million Tylenol bottles were recalled nationwide, with the expense borne by the company whose products had been targeted. All new products shipped were equipped with a newly developed tamper-resistant, triple-seal packaging system geared toward consumer peace of mind. 

Finally, Burke issued an unequivocal apology and admitted failure in public, with the stated wish that his company had taken action earlier, before the crisis unfolded. These actions resulted in recovery for both Johnson & Johnson and the Tylenol brand, and Burke received recognition as one of Fortune magazine’s 10 greatest CEOs.

Beginner Tips for Collecting Watches

A graduate of Washington College, Taylor Hallman serves as a business continuity associate at Prudential Financial in Newark, New Jersey, and as an active member of the nearby Franklin Lakes community. During his free time, Taylor Hallman pursues a diverse range of hobbies that includes collecting watches. 

Watch collecting has enjoyed a recent surge in popularity, with dedicated forums, websites, and even auction houses popping up to serve beginning and seasoned watch collectors alike. However, getting started in this hobby can be daunting. Here are three tips for starting a watch collection:

Narrow the field: One of the best ways to get started with a watch collection is to focus on one aspect of the watch. For example, some collectors seek out watches made of a specific material, such as titanium, while others focus their collections on pieces made by a specific manufacturer. There is no wrong way to go about it - what matters is that the collection reflects your interest.

Define vintage: The word “vintage” has different meanings depending on the context. A “vintage” wine means something very different than a “vintage” stamp, for example. In watch collecting, vintage typically means any watch produced more than 20 or 25 years ago. Many vintage watches are sought by collectors as investments because they typically appreciate in value.

Have a storage plan: If you’re not planning to wear your watches every day, be sure to store them properly. Boxes specifically designed for storing watches are readily available, but a cigar humidor can also provide the right humidity and temperature for safe storage. Some experts also recommend storing high-end watches in a home safe or at your local bank. In any case, be sure to insure your collection in case of disaster or theft.

Racket Sports at the Tuxedo Club

A resident of Franklin Lakes, New Jersey, Taylor Hallman serves as a business continuity associate with Prudential Financial in Newark. Outside of his professional life, Franklin Lakes resident Taylor Hallman stands out as a former award-winning tennis player and instructor who holds membership in the Tuxedo Club.

Founded in 1886, the venerable Tuxedo Club in Tuxedo Park, New York, began its existence as a fishing and hunting club before adding a golf course a few years later. Since that time, the club has emerged as one of the premier golf and racket clubs in the United States and today offers a world-class golf course, sailing and boating, and a range of dining facilities available for private events. The club also stands out for its racket sports.

The only club in the world that offers five racket sports, the Tuxedo Club maintains one of only 11 court tennis facilities and one of only 8 rackets courts in the United States. In addition to these specialty offerings, the club maintains lawn tennis courts, paddle tennis courts, and squash courts. The club’s proud racket sport history includes hosting the first U.S. Open Squash Championship in 1901. For more than a century, the club has held the annual Gold Racquets Tournament, one of the most prestigious court tennis tournaments in the world.