5 Steps of a Business Continuity Plan
The goal of a business continuity plan is to prevent the negative consequences of a threat or risk from occurring and reduce the likelihood that your business's day-to-day operations will be disrupted. Threats and risks can be anything from a security breach and increased expenses, to lost income and the inability to go forward with future business plans.
Who Needs a Business Continuity Plan?
According to an article published by Forbes, "Most people aren’t reluctant to create a business continuity plan – they just aren’t aware of why they need one or what they are. With dozens of other tasks on their daily dockets, business owners aren’t fond to the idea of adding another assignment or responsibility (especially when the purpose or value isn’t clearly understood)."
But developing a business continuity plan is important for every business, as it can limit damage, minimize interruptions, and ensure all employees are on the same page when things do not go according to plan.
Developing an Effective Business Continuity Plan
An effective business continuity plan is made up of five stages:
1. Defining potential risks. When developing a business continuity plan, it is important to start by asking yourself what the potential threats or risks are that could disrupt your business. Consider any type of risk — from technical threats to human or natural disasters.
2. Determine how those risks will affect operations. Once you compile a list of possible risks, consider which risks will have the most severe impact on your business and how long your business could operate without those components running.
3. Develop your business continuity plan. During this phase, determine how you will reduce interruptions in the case of a disaster, how you will recover from them, and the resources you will need to protect your assets, staff, and business as a whole from further compromise.
4. Implement your business continuity plan. Once your plan is finalized, distribute it to all key stakeholders and employees to ensure they are comfortable with all steps outlined in the business continuity plan.
5. Review, review, review! Your business continuity plan should be reevaluated regularly to ensure it remains relevant and up-to-date. Make corrections as necessary.
Get Help From a Professional
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