When disasters strike and business is disrupted, there are financial and non-financial implications. It can cost money, and insurance does not always cover all the costs. It can also result in the loss of customers to the competition and negatively affect your brand. Understanding these ramifications and the road to recovery before, during, and after events is critical for the business continuity plan.
An effective business continuity plan includes:
- Define and determine potential risks.
- Determine how these risks will affect your operations (conduct business impact analysis).
- Identify, document, and implement to recover critical business functions and processes.
- Organize a business continuity team and compile a business continuity plan to manage a business disruption.
- Conduct training for the business continuity team and testing and exercises to evaluate recovery strategies and the plan.
Business continuity planning is not about checklists and spreadsheets. It is about people and processes coming together seamlessly in the event of an emergency. The best-laid plans go waste if there is no backup and plans to fall back on. It can be even more devastating for small businesses given the limited financial and human resources. Don’t delay – Act today!