Your organization can suffer from several negative consequences when disaster strikes. Customers may quit, suppliers may cut off support, or capital sources or investors could stop funding. These repercussions could put pressure on the executives to ensure that their operations run smoothly. However, a well-crafted business continuity plan can help your company to survive any situation.
A business continuity plan identifies the most critical functions that must be maintained during a disaster and identifies the resources required to support those functions. A business impact https://happyboardroom.com/20-role-of-the-board-in-business-continuity-planning/ assessment (BIA) or risk assessment (RA) is a vital first step.
Then, the company must decide what to respond to each threat identified and how much time is necessary for each vital function. The next step is making an emergency response plan that is a comprehensive document that contains step-by-step procedures. The plan should include emergency contact details, recovery strategies and specific steps for various scenarios.
It’s a good idea, too, to test and update your business continuity plans on a regular basis. You can test the plan using tabletop exercises, simulations and other types testing during this time. These tests can also highlight areas that need improvement. It is important to keep your business continuity plan updated, especially when your processes, technology and employees change. Regularly testing and reviewing your plan can ensure that your plan is capable of handling any catastrophe.