Although more than half of small business owners say that it would take a minimum of three months to pull through from a downtime. Meanwhile, about 60% have no emergency response plan. But, Gartner said, the downtime’s average cost could increase to $5,600 per minute. In terms of business continuity planning, there are different critical problems that leaders have to address. You must prepare the steps you have to take to respond to business shocks now, but also reshape your company’s business continuity plan.
Now is the time to create an active recovery plan especially if your company doesn’t have one yet. It will require some effort on your part, but you’ll provide your business the chance at surviving a cyberattack or any unexpected event.
What is business continuity planning?
Business continuity planning concentrates on keeping the business functions or resuming these functions efficiently in case a major disaster strikes, which could be anything between flood or fire and cyberattacks or a pandemic.
A business continuity plan will outline the process your company needs to follow in case of disasters. It will cover crisis communication strategy, business partners, assets, human resources, and more.
You’ve probably heard about a disaster recovery plan that concentrates on the restoration of IT operation and infrastructure following a disaster. But, this is just a small piece of a comprehensive business continuity planning because it seeks to ensure the company’s continuity.
As time goes by and the pandemic has been controlled, companies should review and renew their business continuity plans. You have to evaluate your existing BCPs and make sure that they’re working. A good way to find gaps is by testing your business continuity plan. In case you see deficiencies, you should highlight them and check the root causes right away whether it’s lack of infrastructure, timeless of action, as well as external environmental problems.
What are the top threats to your company’s continuity?
Depending on what your industry you belong or your company’s level of risk, your threats may be different from the others. That’s why creating risk assessment is helpful. You do not need to have a plan for all kinds of scenarios but there are a few ones that you need to watch out for. These include global pandemics, power outages, natural disasters, and cybersecurity.
Creating A Business Continuity Plan
Although it’s complicated to create an effective business continuity plan, it’s an important part of operating a resilient business. That’s why it’s better if you work with a provider of IT services. Your chosen business continuity team and your staff should take continuity planning very seriously.
When creating one, you have to make sure that you have a business continuity management team to help you out. You should also ensure your employees’ safety and wellbeing. You should also understand your company’s risks and set in place effective recovery strategies. Don’t forget to test regularly and make improvements as necessary.
Have peace of mind knowing that your company has a business continuity plan to reduce the impact of different types of disruptions. Request a demo today.