How Business Continuity Planning Can Help Your Company Weather a Crisis

When disaster strikes, your organization could suffer a range of consequences. Customers may leave and suppliers may cease support and investors or capital sources could stop funding. These issues could put pressure on the executives to keep operations running smoothly. A well-planned business continuity plan can help your company weather any crisis.

A business continuity plan defines the essential functions that must continue operating in the event of a disaster, and defines the resources required for running these services. A crucial first step in the process is conducting a business impact analysis (BIA) and an assessment of risk (RA).

The company has to decide what it will do in response to every threat identified and how much time is necessary for each critical task. It’s then a matter creating an emergency response plan that is a precise document that includes step-by-step instructions. The plan should include emergency contact information, recovery strategies and detailed steps to take in different scenarios.

It is a good idea as well, to test and update your business continuity plans on a regular basis. In this period you can conduct tabletop exercises, simulations, as well as other types of tests www.happyboardroom.com/steps-for-implementing-data-room-software/ to determine whether the plan is successful in a real-world scenario. These tests can also help you identify areas that need to be improved. It is important to keep your business continuity plan current especially when your technology, processes and employees change. Regular testing and review can ensure that your plan is ready to handle any catastrophe.