It won’t be incorrect to say that unanticipated business disruption is a real threat. There are always factors that no matter what, you cannot control. There are events that you never expected. And there are changes that your business is forced to adapt with. In any of these situations, a business shutdown is always on the cards. But is there a way to ensure that your business sails through, no matter what? How can we ensure the continuity of your business? The answers is yes and here’s how-
Business Continuity Plan
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“Business continuity planning is the process of creating systems of prevention and recovery to deal with potential threats to a company. In addition to prevention, the goal is to enable ongoing operations before and during execution of disaster recovery.”
The main objectives of a Business Continuity Plan are to ensure regular operations of the business, minimize financial loss, ensure personnel security, and recover from the situation that has put the company into doldrums. So it is in the best interests of your business to take some time out and formulate a systematic business continuity plan. Tips to create such a plan-
In order to come up with a contingency plan, you need to know the possible contingencies of your business. From data theft to a fire accident, list all the possible risks to your business to begin with. Once you know all possible risks to your business, it’s time to formulate both precautionary and restoration measures. Precautionary measures would include things like insurance, data protection and restoration measures would include things like evacuation plans, emergency kits etc. The point is to either prevent a disaster or to know what to do in case you are unable to prevent it.
Communication Is Always The Key
There can be no continuity without proper communication. You must have a very well defined communication channel in case of an emergency. It is best to create a Communications Fan-Out System. Make one person or a group of persons responsible for notifying each and everyone in case of a possible contingency. Also, don’t forget to make good use of your business website and social media platforms like Facebook, LinkedIn, and Twitter in order to communicate with customers and business associates.
Restarting The Business
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In case of a complete shutdown, your plan should include the scope of restarting the business. Say, there’s an earthquake, and you lose all your immediate resources to it. The business will have to shut down temporarily but with a Business Continuity Plan; there will still be hope of restarting it sooner than later. For this aspect of your plan, you need to begin by listing down the most essential things to get your business operating again. There should be a plan to make those essentials available as soon as possible. These essentials would include personnel, data, equipments etc. Also make a plan for your funding using estimated amounts.
Most of the businesspersons ignore the Business Continuity Planning and regret doing so later. Don’t be one of them!