A business continuity plan is a set of documents that outline the steps your company will take in the event of an emergency or disaster, from handling IT failures to natural disasters.
At BetterWorld Technology, we understand the importance of having a business continuity plan because it can help you recover from disasters faster and more efficiently than if you did not have one. This plan helps ensure that your company can keep operating even after something goes wrong.
Building BCP From Ground Up - Five Easy Steps
According to IBM, over $100,000 per hour (average) of failure cost is at stake, which does not include the devastation of morale throughout the organization.
With these five easy steps, you can be well on your way to building an effective business continuity plan and mitigating the risks of significant financial loss:
1. Assess the Risks to Your Business
Create a list of risks your business could face, such as:
● Industry
● Geographical
● Trends and Market Movements
● Stakeholders
● Employees
● Business Infrastructure
From here, prioritize strengthening your business to what it's most vulnerable. For example, if your company is based in a geographical area prone to natural disasters. As a result, you should prioritize steps to protect your business from them in your continuity plan above other issues.
2. Map Out a Recovery Plan
An industry-wide power outage may disrupt your company's critical functions, such as delivery, product development, or customer service. To mitigate this, you could develop a plan detailing how your company will function during the power outage, including how employees will work remotely and what backup systems you will use.
3. Assign Emergency Roles
By giving your people roles in advance in an emergency, you take away the need for them to think about what needs to be done and who needs to do it. This not only saves time but also helps you prepare for any eventuality.
4. Document Your Procedures
Having a central place where all your company's continuity procedures are documented ensures that everyone knows what needs to be done and how to do it in an emergency. We also recommend having an off-site location for this documentation to be readily available if your primary workplace is inaccessible.
5. Test Your Plan Regularly
After creating your continuity plan, it is essential to test it regularly to ensure it is effective. Revisit your list of risks and run through different scenarios to see how your company would respond. Update your BCP if any changes need to be made.
A BCP Is Essential for Businesses of All Sizes
At BetterWorld Technology, we believe that all businesses, regardless of size, should have a business continuity plan. Suppose you don't already have a BCP. In that case, we encourage you to develop one as soon as possible. Read this other article on our site to find out which mistakes can affect your business's continuity plan.
If you're a business owner in Chicago or anywhere else in the United States, call us today and learn how we can help you develop an effective business continuity plan tailored to your company's specific requirements.