Your company could suffer several negative consequences when disaster happens. Customers could leave, suppliers might withdraw support, and capital sources or investors might cease funding. These issues could put pressure on managers to ensure that the business is running smoothly. But a well-crafted business continuity plan can help your business overcome any calamity.
A business continuity plan defines the most critical functions that must continue operating during a disaster and identifies the resources required to provide those services. An important first step is conducting a business impact analysis (BIA) and an assessment of risk (RA).
The company then has to decide what it will respond to any threat identified and how much downtime is acceptable for each essential function. The next step is to create an emergency response plan. This is a thorough document that includes step-by-step instructions. The plan should include emergency contact details, recovery strategies, and specific steps for various scenarios.
It’s recommended to review and update your business continuity plans frequently. During this time you can make use of tabletop exercises, simulations and other types of testing to determine if your plan is successful in a real-world scenario. These tests can also help you identify areas that need improvement. Maintaining your business continuity plan current is essential, particularly since your processes, technology and employees evolve in the course of time. Regularly reviewing and testing will ensure that your plan is prepared for any eventuality.
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