How Business Continuity Planning Can Help Your Company Weather a Crisis

Your company could suffer many negative effects when disaster strikes. Customers may leave, suppliers could withdraw support, and capital sources or investors might cease funding. These consequences can put pressure on executives to ensure that their operations run smoothly. But a well-designed business continuity plan can help your company deal with any crisis.

A business continuity plan defines the essential tasks that need to continue running in the event the occurrence of a catastrophe, and also defines the resources required for running these services. A crucial first step in the process is to conduct a business impact analysis (BIA) and a risk assessment (RA).

Then, the business must decide what it will respond to any danger that is discovered and how much downtime is acceptable for each essential function. The next step is to formulate an emergency response plan. This is a thorough document with step-by-step instructions. The plan should contain contact information for emergency services and recovery strategies along with detailed steps to take.

It’s also a good idea to test and update your business continuity plans on a regular basis. In this period you can utilize tabletop exercises, simulations and other types of testing to determine if the plan will be effective in the event of a real-world disaster. These tests can also reveal areas that require improvement. It is important to keep your business continuity plan current especially when your technology, processes and employees change. Regularly reviewing and testing can ensure that your plan is prepared to handle any disaster.

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