Running a business can be difficult. Besides the existing planning and operations, you also need to be wary of unforeseen circumstances that can threaten your business. These include natural disasters, emergencies, or cybersecurity attacks. It’s best to have a business continuity plan to prevent any losses from these events.
A business continuity plan is a set of procedures that allows businesses to handle potential threats and recover. It also protects major assets, business partners, and human resources during disasters. Here are 5 steps in creating a business continuity plan:
- Identify The Plan’s Goals and Objectives
The first thing to do is have a team identify your continuity plan’s goals and objectives. This will help you figure out the best recovery strategy if the business gets disrupted. Ultimately, the focus is to minimize losses in profit and people while keeping the business running. - Determine Essential Business Functions
During a crisis, it is possible that not every business process can continue operating. Because of this, it’s vital to identify which functions are essential in keeping your company afloat. You can also work out ways to prevent further loss of profit, such as work-from-home schemes. - Perform a Business Impact Analysis (BIA)
A BIA helps determine the risks a business may encounter during an emergency or disaster. Here, a team lists down all potential threats and analyzes their impact on the business. With this, you can come up with a plan of action in mitigating these threats. - Plan a Recovery Strategy
This is a key element in your business continuity plan. Having prevention and recovery strategies ensures that critical business functions will be operational in the event of a disruption. Some procedures to consider are evacuation measures, safety protocols, and customer communication plans. - Train, Test, and Update the Plan
For an effective continuity plan, all employees and company members must know how to implement it. You can organize training and testing programs to make sure everything is in order. This will also help recognize any weaknesses in your plan so that you can make necessary changes.
Call Lamkin Wealth Management Today
In finding out the best business continuity strategies, it’s best to consult a professional. Reach out to us at Lamkin Wealth Management in Louisville, KY for more information on creating a business continuity plan, risk management, and more.