How Business Continuity Planning Can Help Your Company Weather a Crisis

When catastrophe strikes, your business can suffer a variety of consequences. Customers may defect and suppliers may cease support and capital sources or investors could stop funding. These consequences can place pressure on managers to ensure that operations are running smoothly. But a well-thought-out business continuity plan can help your company best board room overcome any calamity.

A business continuity plan defines the critical functions that must continue to function during a disaster and defines what resources are required to provide those services. A business impact assessment (BIA) or risk assessment (RA) is an important first step.

From there, businesses must decide how to respond to each threat they are aware of and what the appropriate amount of downtime is for each important task. It’s then a matter of making an emergency response plan, which is a detailed document that includes step-by-step instructions. The plan should include contact details for emergency services and recovery strategies, along with detailed steps to take.

It is a good idea also, to test and revise business continuity plans on a regular basis. You can test the plan using tabletop exercises, simulations, and other types of testing during this time. These tests can also reveal areas that require improvement. It is important to keep your business continuity plan up-to-date particularly when your processes, technology and employees change. Regularly testing and reviewing your plan will ensure that your plan remains ready to tackle any disaster.