Your organization can suffer from various negative consequences when disaster happens. Customers could be affected and suppliers could cease support, and investors or capital sources might stop funding. These consequences can put pressure on top executives in order to keep operations running smoothly. But a well-thought-out business continuity plan can help your company overcome any crisis.
A business continuity plan defines the most critical functions that must be maintained find during a disaster and defines what resources are required to provide those services. A crucial first step is conducting a business-impact analysis (BIA) and an assessment of risk (RA).
From there, companies need to decide how to respond to each threat they are aware of and what the appropriate amount of downtime can be for each essential function. The next step is to create an emergency response plan. It’s a detailed document that includes step-by-step instructions. The plan should include emergency contact details, recovery strategies and detailed steps to take in various scenarios.
It’s a good idea, to also test and improve business continuity plans regularly. In this period you can make use of tabletop exercises, simulations and other kinds of testing to determine whether the plan is effective in a real-world event. These tests can also help you identify any areas that need improvement. It is essential to keep your business continuity plan up-to-date particularly when your processes, technology and employees change. Regular testing and review can ensure that your plan is prepared to handle any disaster.