Nobody likes to think about worst-case scenarios when it comes to their business. Unfortunately, your company is susceptible to a wide variety of natural disasters, structure fires, and cybersecurity attacks.
To be prepared for the worst, some companies create a disaster recovery plan to help get them back up and running. But what about a business continuity plan?
One misconception is that if your company has a disaster recovery plan, then you don’t need a business continuity plan. Unfortunately, that’s not the case. Here is why you need a business continuity plan and how it can help your company.
What’s the Difference Between These Plans?
A disaster recovery plan is a formalized process designed to get your company’s technology operational following a cyberattack, human error, hardware failure, fire, or natural disaster.
Disaster recovery plans only focus on IT while a business continuity plan has a much broader scope. Business continuity plans are detailed outlines, including the procedures and instructions businesses need to follow to get back up and running following a crisis. Business continuity plans have contingencies for each aspect of your business, such as operational processes, assets, human resources, etc.
How Do Business Continuity Plans Help Your Company?
When disaster strikes, the longer your company is offline or nonoperational, the bigger the hit to your bottom line. According to the research firm Gartner, every minute your company IT is down costs $5,600 on average. With those stakes, you don’t have time for a confused staff to ask, “What do we do?”
With a business continuity plan in place, your company will know what to do if a crisis strikes. Key stakeholders will be able to direct others on what’s needed based on the severity of the crisis.
What’s in a Business Continuity Plan?
Several steps go into creating a well-rounded plan.
- The first step is to conduct a business impact analysis. This is the time to take inventory of your resources, figure out which business functions will need to be addressed first to get the business running again and what resources will be required to do it.
- The next step is developing recovery strategies. These are plans that detail the steps needed to get the company back up to the minimum operating levels. Also, this is the step to address any potential gaps in your plan regarding resources, personnel, or processes.
- The third step is developing a plan framework on how the continuity plan will be executed during a crisis. To help the plan run more efficiently for larger companies, organize a team comprised of people from each department to map out their department-specific continuity plans.
- If you don’t have one already, this would also be a great time to draft an IT disaster recovery plan. Also, document any manual workarounds so your team can access key programs remotely in the event of the network going down.
- The final step is to test your plan. Conduct training and exercises so everyone knows what to do if a crisis occurs. If you find a gap or problem during training, update your plan accordingly and then test again.
How We Can Help
For small and medium-sized businesses, it can be a daunting task creating a business continuity plan from scratch. To help streamline this process, our team of experts walks you through every step, from completing a business impact analysis to testing and revising your plan.
Don’t stress about the future of your business. Contact us to find out how we can help.