Your business may suffer many negative effects when disaster occurs. Customers could be affected or suppliers may stop providing support and capital sources or investors may stop funding. These repercussions could put pressure on managers to ensure that the business is running smoothly. However, a well-crafted business continuity plan can help your business deal with any crisis.
A business continuity plan is a blueprint for the functions that require functioning in the event an emergency, and outlines the resources required to run these services. A business impact assessment (BIA) or risk assessment (RA) is an important first step.
The company has to decide what it will respond to any threat that is identified, and how much downtime is acceptable for each vital task. It’s then a matter of creating an emergency response strategy that is a precise document that provides step-bystep procedures. The plan should include emergency contact information, recovery strategies, and detailed action steps for different scenarios.
It’s also a good idea to review and update your business continuity plans on a regular basis. You can test the plan with tabletop exercises, simulations and other types of testing during this time. These tests can also reveal areas that need to be improved. Keeping your business continuity plan up-to date is essential, especially because your processes, technology and employees change over time. Regular testing and reviews will ensure that your plan is capable of handling any catastrophe.
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