If your business is disrupted, it will cost you money. Lost revenues plus extra expenses mean reduced profits.
While Insurance is critical, it will not cover all costs and cannot replace customers that defect to the competition. To help you survive a disaster and reopen as quickly as possible you need a business continuity plan. A properly written and practiced plan is essential.
Development of a business continuity plan includes four steps:
- Conduct a Risk Analysis to determine your most likely disasters and how best to mitigate them, i.e. know what could happen to you and figure out how to lessen the impact.
- Conduct a business impact analysis to identify and document time-sensitive or critical business functions and processes and the resources that support them, i.e. figure out what you do and what is critical to do it.
- 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.
Finally, information technology (IT) includes many components such as networks, servers, desktop and laptop computers and wireless devices. The ability to run both office productivity and enterprise software is critical. Therefore, recovery strategies for information technology should be developed so technology can be restored in time to meet the needs of the business. Manual workarounds should be part of the IT plan so business can continue while computer systems are being restored.
Have a plan that meets your company’s needs and risks, practice the plan, keep plan updated, and prepare your IT by having data backuped off site.