When catastrophe strikes, your business may be afflicted with a variety consequences. Customers could leave, suppliers might withdraw support and capital sources or investors might halt funding. These events could put pressure on the executives to keep operations running smoothly. A well-planned business continuity plan will help your company survive any crises.
A business continuity plan is a blueprint for the tasks that need to continue functioning in the event the occurrence of a catastrophe, and also defines the resources needed to run these services. An important first step is to conduct a business impact analysis (BIA) and an assessment of risk (RA).
From there, companies need to determine how they will respond to any threat identified and determine what the appropriate timeframe for downtime will be for each crucial function. The next step is developing an emergency response plan which is a thorough document that contains step-by-step procedures. The plan should include emergency contact information, recovery strategies, and specific action steps for different scenarios.
It’s important to review and update your business continuity plans on a regular basis. You can test the plan with tabletop exercises, simulations or other types testing during this period of time. These tests can also reveal any areas that need improvement. It is essential to keep your business continuity plan in good condition especially when your technology, processes and employees change. Regularly reviewing and testing can ensure your plan is up to the challenge of any disaster.