If catastrophe strikes, your business can suffer a variety of consequences. Customers may leave, suppliers might withdraw support, or investors or capital sources could cease funding. These can put pressure on top executives in order to keep operations running smoothly. But a well-crafted business continuity plan can help your company to survive any emergency.

A business continuity plan defines the most critical functions that must remain operational during a catastrophe and identifies the resources required to provide those services. A business impact assessment (BIA) or risk assessment (RA) is an essential first step.

Then, companies have to decide on how to deal with each identified threat and what the acceptable amount of downtime can be for each critical function. It’s then a matter of creating an emergency response strategy, which is a detailed document that includes step-by-step instructions. The plan should include emergency contact details, recovery www.happyboardroom.com/how-to-transition-to-paperless-board-meetings/ strategies, and specific action steps for different scenarios.

It’s recommended to test and review your business continuity plans frequently. In this period, you can use tabletop exercises, simulations, and other types of testing to determine whether the plan will be efficient in a real-world situation. These tests can also help you identify any areas that require improvement. It is crucial to keep your business continuity plan current especially when your technology, processes and employees change. Regularly reviewing and testing can ensure that your plan is prepared for any eventuality.