why do we have a business continuity plan
Business disasters come in all shapes and sizes. Business owners should take steps now to give themselves a better chance to reopen quickly. Without a business continuity plan, one in four businesses forced to shut down because of a disaster never reopens. Businesses have lots of excuses for not having a business continuity plan, including the most common Бwe thought it would never happen to us. Б The following are common misperceptions about business continuity planning:
If any of these sound familiar, itБs time to stop making excuses and start making plans. While there are quite a number of business continuity solutions available, a good place to start is with the free, easy-to-use created by the Insurance Institute for Business Home Safety (IBHS). OFB-EZ takes business owners step-by-step through the planning process in order to create a planб that helps them to: Focus on the risks that are most likely to disrupt their business operations. Identify the activities that are essential for staying in business and recovering quickly. Create an easy-to-use recovery plan tailored to specific needs. Know Your Key Customers, Contacts, Suppliers and Vendors There are many good reasons for businesses to plan for the unexpected, most importantly protection and preserving the bottom line. To keep it simple, remember the ABCs: With a business continuity plan, your business will have a better chance of remaining competitive and minimizing the loss of revenue and customers. A solid and tested plan boosts customer confidence. When your customers know you have plans in place to provide continued delivery of goods and services during a crisis, they are less likely to flee to competitors if a disaster threatens your area. Having a plan allows you to demonstrate that your business is committed and prepared to protect your employees, clients and their assets at all times.
This demonstrates a proactive attitude and can enhance employee morale and public opinion about your business. With increased confidence in your businessБ ability to operate during unexpected circumstances, your positive reputation grows with customers, staff, partners and investors. Having a business continuity plan will improve communication within your organization and with customers, suppliers, vendors, and key stakeholders. This is a helpful way to improve daily operations, not only in the event of disaster. OFBБEZ translates professional business continuity concepts into common business language, through a streamlined eight step process. HereБs how businesses can make it happen: Know Your Suppliers, Vendors, Key Customers, and Key Contacts Business continuity planning is vital to survival and should not be put off indefinitely as you focus on todayБs challenges. ItБs important to devote enough time and attention to planning for the future, even when that future may involve events that are unpleasant to think about and, hopefully, not likely to happen. Open for Business recognizes this and is designed to help you gather information, improve communication, and develop operational contingencies that will be useful today as well as tomorrow. So, stop making excuses and start making plans! Visit IBHS б to download the free business continuity tool and begin your planning process today. Business continuity planning is vital to survival and should not be put off indefinitely as you focus on todayБs challenges. ItБs important to devote enough time and attention to planning for the future, even when that future may involve events that are unpleasant to think about and, hopefully, not likely to happen.
OFB-EZб recognizes this and is designed to help you gather information, improve communication, and develop operational contingencies that will be useful today as well as tomorrow. So, stop making excuses and start making plans! Between natural catastrophes, unfortunate accidents, and cybersecurity threats, itвs not a question of if something will happen to your organization, but when. Does your organization have a business continuity plan in place? Do you know how your team will respond? A business continuity plan is a documented strategy outlining the steps and processes to ensure your business operations continue to run should disaster strike. In case of significant data loss or even loss of leadership, this plan gives your organization the support and tools it needs to recover. How do you know if you need one? If you have a business, then you need a business continuity plan. When calamity hits, you donвt want to scramble around trying to decide how to handle it. The more time you spend choosing an action path and reacting, the more downtime your organization is going to have. And with the average cost for end-user productivity downtime at over $740k in 2016 (and rising), the less downtime you have, the better. Who needs to be involved? Typically, your leadership team, IT, and head of Accounting/HR should be included in the creation and execution of your business continuity plan. Their roles need to be defined in the documentation of the plan so everyone knows who the point person is on each task. This way your team wonвt be stumped on who should be doing what and who has the authority to approve decisions.
You should also clearly define who has final authority should you or others not be available and able to carry out a leadership role. In some cases, this may mean that you need to legally name someone who can make important choices in your absence. Do I need to test it? Yes. You need to test it. Youвre not going to be simulate perfectly an unexpected event (thus is the nature of unexpected events), but you can make sure your team is familiar with it and there arenвt any preventable kinks in the process. Think about it this way в If you built an emergency bunker (not that you should need one for your business continuity plan! ), you would want to test that your ventilation sources were functioning properly and any radio equipment you had functioned while the bunker was sealed. Testing your plan wonвt go exactly the same way as it will in true action, but youвll see what parts work well and what others need some improvement. Should anything happen to your organizationвs data, systems, or even to a member of its leadership, a business continuity and disaster recovery plan will help ensure that the organization will be able to recuperate and continue thriving, enabling you to build a legacy to last. If youвd like strategic insight on security vulnerabilities and expert advice on how to build your own business continuity plan,. Weвd love to help you. About the Author- Eric Henderson is Rocket ITвs virtual Chief Information Officer. He is also the tallest person at Rocket IT (by a fraction of an inch). The average cost ofВ unplanned downtime per minute in 2016 was nearly $9,000 per incident. Your organization doesnвt have to eat the cost of dead time. to learn five easy steps you can take to capture dead time.
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