If disaster strikes, your business could suffer a range of consequences. Customers could leave, suppliers might withdraw support, and capital sources or investors could cease funding. These events could put pressure on the executives to ensure that the business is running smoothly. A well-planned business continuity plan can aid your business in overcoming any crisis.
A business continuity plan identifies critical functions that must continue functioning in the event the occurrence of a catastrophe, and also defines the resources required for running these services. A crucial first step is to conduct a business impact analysis (BIA) and an assessment of risk (RA).
Then, the company must decide what it will do in response to each danger that is discovered and how much time is necessary for each vital task. The next step is to create 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, and detailed actions.
It’s a good idea to also test and improve business continuity plans on a regular basis. You paperless board meetings can test your plan using tabletop exercises, simulations, and other types testing during this period of time. These tests can also highlight any areas that require improvement. Keeping your business continuity strategy up-to-date is vital, particularly as your technology, processes and employees change in the course of time. Regularly reviewing and testing will ensure that your plan is prepared for any eventuality.
