In our ever-changing world, consumers expect a lot more from their customer...
Read more
All businesses face unexpected risks, from power outages to cyber attacks. Even unanticipated weather events can threaten the smooth running of your organisation. But you aren’t powerless to protect your business against risk, even if it seems to come out of nowhere.
Smart business owners put plans in place for even the most unlikely worst-case scenarios. This is what is known as a business continuity plan, and it could be one of the best things you can do to safeguard the future of your company.
Read on to find out why business continuity planning is so important, plus tips to help you get started putting an effective plan in place for incident handling and recovery.
A business continuity plan is all about preparing for the unexpected. It involves imagining a range of different risks and scenarios, and how your business would cope if the worst should happen.
It can cover a wide range of situations, such as fires, floods, terrorist attacks, natural disasters, cyber attacks, power cuts, accidents and other disruptions to usual service. It’s all about asking ‘what if?’.
Once you’ve assessed the risks, you can start putting simple yet effective measures in place to mitigate the damage such an event would cause. For example:
Too many businesses fail to consider the impact of a disaster until it’s far too late. They assume their staff can cope, or that insurance will cover any losses. In many cases, companies find it difficult to dedicate enough time and resources to business continuity planning.
But it is absolutely critical for companies of all sizes to have a robust business continuity plan in place. It could even make the difference between your company thriving or failing. In fact, a 2017 study by Invenio IT found that an enormous 90% of businesses without a continuity plan fail following a major disaster.
A carefully thought-out business continuity plan can:
The measures such a plan outlines will make your business more resilient and able to withstand whatever the future may bring. You can’t predict unexpected events – that’s what makes them so dangerous. What you can do, however, is take a proactive approach to shield your business from the worst effects of these events.
Business continuity planning all starts with assessing risk. Set aside dedicated time to look closely at the areas where your business would be most vulnerable to certain types of risk. You’ll need to ask yourself a lot of questions and be brutally honest with the answers. For example:
To help you develop your business continuity plan, it’s useful to break it down into manageable steps. This process starts with choosing some key goals you want to achieve.
While a business continuity plan can deliver multiple benefits at once, it can’t necessarily do everything at once. For it to be the most effective, you’ll need to determine your priorities and set a scope for the plan.
At this stage, you’ll need to make an assessment of your company’s biggest vulnerabilities, and the most urgent or damaging risks it faces. There’s quite a bit of research to be done, looking into potential losses if a worst-case scenario should happen.
This insight should help you pinpoint key areas of vulnerability, and these will be the focus of your plan. You’ll be able to set some targets, and put a plan in place to achieve them.
At the core of your business continuity plan will be identifying your most critical business functions. These are the parts of your business that are absolutely essential to keep operations running. For example, this could be production facilities if you’re in manufacturing, or IT infrastructure if you’re a web design firm.
Focus on the value-creating functions of your business, while also looking at the potential impact of the loss of these functions.
This loss could be financial, reputational, legal or even regulatory. For example, you could be fined for compromising customer data, face a breach of contract claim from a supplier due to a late payment or lose sales because your website has gone down.
It’s also important to identify key people, along with dependencies between the different business functions within the company.
A key part of continuity planning is mitigation. Your plan won’t necessarily be able to stop a disaster from happening, but it can limit the impact on your business. It’s all about effective incident management and damage control.
For each of the critical business functions you’ve identified, decide and set a limit for acceptable downtime. This is the target your plan needs to achieve, and the only way to know if it’s successful (or realistic) is through testing – rather than waiting for disaster to strike.
The next step is to put your emergency plan in place. How will you keep essential operations running while you deal with a major or disruptive event? This part of the plan will outline the roles and responsibilities of staff, along with the actions that will be initiated for each potential scenario.
For this step, it’s a good idea to include:
Business continuity planning is a team effort, so you don’t have to face it alone. In fact, an important part of the process is identifying partners who can help in an emergency.
This is why it’s helpful to work with specialists like CALLCARE, who provide a range of emergency services to ensure 24/7 business continuity in the face of disaster.
These services include telephone disaster recovery, so at least your phone communications will continue running smoothly even if you’re facing a tough cleanup operation. This can aid the recovery effort, ensuring that all parts of the business can communicate effectively with each other – as well as outside partners, clients and customers.