What Is A Business Continuity Plan?
Creating a business continuity plan is one of the most important things a company can do. Business continuity ensures that your business is back up and running after a critical disruption, such as a natural disaster or cyberattack. What Is Business Continuity? Business continuity is a big-picture approach that ensures normal business operations are continued during an emergency. It’s designed to identify and mitigate risks, assign roles and provide clear communication to key parties. Why Is Business Continuity Important? Business continuity allows your business to keep running during or soon after a crisis. Not having a business continuity plan carries great risks, including: • Loss of customers • Extended downtime and subsequent revenue loss • Reputation erosion • Regulatory non-compliance Creating a business continuity plan helps you maintain control and calm in what may otherwise be a chaotic environment. What Are the Components of a Business Continuity Plan? There are several core components of a business continuity plan: • Identify the team • Understand data • Assess and rank risks • Prioritize essential services • Price and build solutions • Develop policies and communicate • Test and refine Each of these steps helps to create a broader understanding of both the threats and how the company addresses them should they materialize. How Do You Build a Continuity Team? Business continuity needs to begin at the highest leadership levels and buy-in needs to be built at every level. Every department or business unit should be involved in order to provide perspective on what’s most important and critical across the company.