Even if you are running a successful business, do not allow yourself to get comfortable because anything can happen. You always hope for the best for your business. When disaster strikes, you need to get your business back on its feet as soon as possible. What kind of disaster are we talking about here?
It could be a pandemic, a legal risk, regulatory, consumer demand, management errors, accidents, and even natural disasters—these risks are unavoidable.
Businesses need a risk management process that will help them analyze and understand the risks that they might face.
Business continuity management is the process of ensuring that your business maintains its normal operations during an unexpected situation with minimal disruption.
The key to the success of your business continuity management process is ensuring that you have the right people and the right data. Keep in mind that business continuity management is a continuous process.
Here are three tips on how to improve your business continuity management.
Identify Potential Threats and Outcomes
Always plan for the unexpected. All businesses are vulnerable to a wide range of disasters, such as:
- Ransomware infection
- Viruses and malware
- Power failure
- Telecommunications failure
- Infrastructure failure
- Human error
Other than the actual disaster, there is the operational downtime that also affects the business. Make sure that you are prepared for any eventuality. The recovery plan should incorporate people, processes, and technology, providing a secure and accessible infrastructure that will protect your business from those disruptions.
Identify the Team & Create the Recovery Plan
You can either create a team from your staff or hire the services of external parties to mitigate any disruptions to normal business operations.
The team will manage the creation of a solid recovery plan. Part of the plan should identify essential business functions and how these will be restored in the event of a partial or total shutdown of operations.
Communicate with Relevant Stakeholders
Communication is essential during a crisis. Companies should provide clear, transparent and timely communications to assure and secure support from relevant stakeholders such as:
Customers: Keep your customers up-to-date with your contingency measures. If there will be delays to product or service deliveries, make sure to inform customers.
Employees: Use internal communications to keep employees informed and engaged while ensuring their safety and well-being and driving employee productivity.
Suppliers: Ask suppliers if they can meet your requirements and if they have contingencies in place.
Implementing the Plan Successfully
The successful implementation of the recovery plan will entail informing all involved, the team and staff members on instructions, roles, and protocols. Testing and retesting its viability is paramount to its success. Drills and scenario exercises are part of the testing. Even after implementation, adjustments and improvements can be made to it ensuring its effectiveness at all times.
In conclusion: Having a business continuity management plan can save your business during a critical time. To avoid the cost of unexpected eventualities on your business, and ensure that you stay on track. Make business continuity management a part of your normal company processes.