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How Business Continuity Planning Can Help Your Company Weather a Crisis

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Your business could be hit with various negative consequences when disaster happens. Customers may leave and suppliers could cease support and capital sources or investors may stop funding. These events can put pressure on executives to ensure that their operations run smoothly. A well-planned business continuity plan can help your company to handle any crisis.

A business continuity plan identifies the most critical functions that must continue to function during a disaster and defines what resources are needed to operate those services. A business impact assessment (BIA) or risk assessment (RA) is a crucial first step.

From there, companies need to determine how they will respond to every threat that is identified and what the appropriate timeframe for downtime will be for each critical task. It’s then a matter of creating an emergency response plan that is a precise document that provides step-bystep procedures. The plan should include the contact information for emergency services, recovery strategies, and detailed steps to take.

It is important to test and revise your business continuity plans regularly. In this period you can make use of tabletop exercises, simulations as well as other types of tests to determine whether the plan is effective in the event of a real-world disaster. These tests can also highlight any areas that require improvement. Keeping your business continuity strategy up-to-date is crucial, especially since your processes, technology and employees change in the course of time. Regular testing and review can ensure that your plan is prepared to deal with any eventuality.

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