How Business Continuity Planning Can Help Your Company Weather a Crisis
Your organization can suffer from various negative consequences when disaster happens. Customers could leave, suppliers might withdraw support, and capital sources or investors could cease funding. These issues could put pressure on managers to ensure that their operations run smoothly. But a well-thought-out business continuity plan can help your business to survive any emergency.
A business continuity plan defines the critical functions that must be maintained during a disaster and identifies the resources required to support those functions. A business impact assessment (BIA) or risk assessment (RA) is a vital first step.
Then, the company must decide what to do in response to each threat identified and how much downtime is appropriate for each essential task. It’s then a matter of creating an emergency response strategy that is a comprehensive document that outlines step-by-step procedures. The plan should include emergency contact information, recovery strategies, and detailed steps to take in different scenarios.
It’s a good idea to also test and revise business continuity plans on a regular basis. During this time you can conduct tabletop exercises, simulations and other forms of testing to determine if your plan is effective in the event of a real-world disaster. These tests may also reveal areas that require improvement. Maintaining your business https://happyboardroom.com/steps-for-implementing-data-room-software/ continuity plan up-to date is essential, especially when your technology, processes and employees change in the course of time. Regularly testing and reviewing your plan can ensure your plan is up to the challenge of any disaster.
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