5 Steps Of Building Your Business Continuity Plan
Business continuity, risk management, risk control services
The goal of business continuity planning is to mitigate the negative impact of threats or crises. This falls into line well with the mission of TCOR Management to manage the risks your company faces every day. Risk control strategies like insurance and safety training are only pieces of the solutions you need to protect the future of your organization.The business continuity team here at TCOR Management are here to help you lower your business risk through crisis management and preparedness. Our protection of assets advisor services will tailor their advice to the unique needs of your company. We are here to help guide you through the uncertain world of crisis management and business continuity. There are several reasons why your company needs to invest resources in being prepared:
- Up to 40% of all businesses impacted by a disaster never reopen their doors.
- Your customers expect your products and services to be on time. Loyalty will only last so long when your competitors are there to take up the slack.
- Once you lose customers, it can be exceedingly difficult to convince them to come back.
5 Steps For Developing Your Business Contingency Plans
- Take A Proactive Perspective
- Assess Your Communication Essentials
- Identify Your Vulnerable Points
- Set Your Priorities
- Design Your Plan
A Proactive Perspective On Continuity Management
It is never too early to start thinking about your business continuity management systems. The only thing worse than a disaster or unexpected incident is being unprepared for it. Business continuity planning is not something you can put into action after a crisis. Perhaps the most essential part of developing a business continuity plan is getting started on it early. A crisis or unexpected event can result in all kinds of disruptions in your operations. Your business needs to take the time to assess your weaknesses and risks before it is too late.
Risk Assessment With Communication Essentials
One of the critical aspects of any organization is the way you communicate. This includes the points of connection within your company and the means of communication you have with the outside world. Your workers might collaborate on laptops, PCs, mobile devices, or business phone systems. You need to identify what are the most essential communication tools and how to maintain them during a crisis.
- Know your communication requirements
- Talk to your telecom provider about the resiliency of your network
- Establish service requirements and recovery time objectives with your telecom service provider
Identify Your Vulnerabilities With Business Impact Analysis
Performing a business impact analysis lets you look ahead at the possible consequences of various types of crises. It pays to examine the most likely events and work out from there. This process allows you to find weaknesses in your own infrastructure and possibly even prevent some of the worst fallout from ever happening. Being proactive is vital to your company’s continued operations and identifying your vulnerabilities enables you to know where you might get hit the hardest.
Establish Your Priorities For Business Operations
When you are in the middle of a disaster or crisis, you will likely find it impossible for every function or process of your business to be operating at its best. Take the time now to establish a list of what the most essential products or services are. What can your company not run without? What business plans can be put on hold temporarily? Knowing the answers to these questions will help you get back on your feet faster and react dynamically to a future crisis.
Design Your Plan With Recovery Time Objectives
This step is where you bring it all together. You have examined your weaknesses and identified the most crucial processes of your business. Now, you need to build your business continuity program to maintain those processes and establish recovery time objectives of how much downtime they can tolerate. These time objectives are goals you set for how long your business can tolerate certain services being down. They will help determine a pecking order for what must be restored first and what can be pushed further down the list.
This short list is only a fraction of the work that goes into business continuity management (BCM). You might have heard of disaster recovery plans, but they are only one part of an overall organization contingency strategy. Disaster recovery will be there in the micro-sense to get your systems up and running. Business continuity is there on there macro-sense to ensure the safety of your operations for years to come.
To learn more about business continuity and all the ways that TCOR Management can help protect the future of your company, contact us today.