What a Business Continuity Plan Is and Why You Need One Right Away
Some Events That Can Negatively Impact Your Business Are Beyond Your Control – But You Still Need A Recovery Plan
Depending on the location and nature of your organization, your business operations may be vulnerable to any number of natural or man-made disaster events that might include hurricanes, tornadoes, ice storms, blizzard-level snowfalls, power-paralyzing wind storms, earthquakes, fires, flooding and nuclear reactor breaches. And we can’t forget the continually increasing and escalating instances of cyberattacks, along with all the risks that accompany them.
Regardless of whether your business is a large corporation or a small-medium business (SMB), the effects of any one of these events could be devastating.
While there is no sure way to avoid certain risks, there are things you can do to protect your business from any potential fallout that may follow.
Developing a tight business continuity plan (BCP) provides your disaster recovery team with a solid set of tools to perform your due diligence to give your business the best chance to reopen and recover quickly, and with as little damage to your operations and brand reputation as possible.
What Is a Business Continuity Plan?
A BCP is a plan that you and your team will map out to help ensure that your standard business processes can continue during—as much as that is possible—and immediately after an emergency or disaster. Your BCP gives you insights into potential threats that may directly affect your business to help you devise strategies to ensure continued operations should any potential threat become a reality.
A standard BCP generally involves the following:
- Research and analysis of any possible organizational threats to your organization
- A detailed list of primary tasks intended to keep organizational operations flowing smoothly
- Easy access to management contact information
- Instructions for personnel safety, such as where they should go, if there if there is a disastrous event
- Information regarding on-site data backups
- Collaboration among all departments and team members within the organization
- Assigned responsibility for each role to ensure the widest possible coverage in any disastrous event
A Bcp Is Critical In Avoiding Downtime And Empowering Your Team With Key Information And Responses For Optimal Disaster Recovery
Large business owners and small and mid-size business (SMB) owners need to have a BCP. However, only 51% of SMBs have a BCP, and only 71% of large companies do. Those who do not plan for such events may pay a high price through significant and costly downtime in the following areas:
- IT Productivity
- Lost Revenue
- Business Disruption
Overall downtime costs for 2016 were estimated at $2.4 million, which was a 39% increase from costs reported in 2013.
With a proactive BCP ready and at your fingertips, you can avoid unproductive and costly downtime that leave your team members helpless, your customers frustrated and your brand tarnished in the event of a disaster.
Have You Been Waiting To Develop Your Own Business Continuity Plan?
Is your company taking a gamble in hopes that no disasters arise? See if any of the following excuses, compiled by the Insurance Institute for Business & Home Safety, for your BCP development delay seem familiar:
- Developing a BCP is too time-consuming
- Creating a BCP is not in the current budget
- Assuming there are no imminent risks
- Thinking you had time to prepare for any possible risks
- Figuring you could throw together a solid response if a crisis were to happen
- Thinking your organization was too small to need a plan
- Considering the general backup of data was the same as a business continuity plan
- Lacking resources for BCP development, or not knowing where to find them
Get Down To The Basics When It Comes To Designing, Developing And Implementing Your Business Continuity Plan
Don’t let your list of excuses to avoid creating your BCP put your organization at risk. The solutions to getting it done are as simple as your reasons for putting it off:
- Identify Your Organization’s Potential Risks.
- Assess Your Operations and Level of Preparedness.
- Reach Out to a Team of Experts in Business Continuity Planning.
Perform your due diligence to learn about common area risks in your business’s location. If your business is located along the east coast, for example, you need to explore the occurrences of hurricanes in your immediate area and consider the likelihood of future events.
Look at how well your company is prepared to handle a disaster right now then start building your disaster recovery program and your business continuity plan. This is the perfect time to look for flaws and universally dangerous vulnerabilities, so you can correct them before a threat comes to pass.
Sometimes finding and engaging a trusted expert in business continuity planning is the best step toward shoring up your disaster recovery strategy. This path is particularly helpful if you face several potential risks, you don’t have the time and resources to fully devote to such a crucial aspect of your business, or you are reeling from a past disaster or breach.
Our Team Is Here To Help You Create Your Own Business Continuity Plan
Our I.S. Partners, LLC. professionals can help you tailor a BCP to your organization’s specific needs, factoring in your business location’s risks for natural disasters and your computing system’s potential for cybersecurity breaches. We want to help you avoid disaster, when possible. And just as importantly, we want to help make sure you can get back on your feet quickly in the event of a disastrous event.