What is a business continuity plan?

Business continuity planning is the creation of a strategy that recognizes the threats and risks that a company faces. The creation of this plan ensures that personnel and assets can function in the event of a disaster.

No business owner wants to dwell on thoughts of the repercussions if a flood, fire or other natural or unnatural disaster were to impact their business. The reality is that catastrophes like these can strike at any time. Every business should have a thorough and up to date plan in anticipation of the worst.

INC.com has reported that 40% of small businesses lack a business continuity plan. They also reported that two-fifths of small companies are unable to reopen their businesses after a disaster. The major challenges are that:

  • many businesses are optimistic about the chances of being struck by disaster, and
  • many businesses are overconfident in their ability to recover from a disaster.

A comprehensive business continuity plan should take into consideration all the disruptions that could possibly impact a company’s business activity. This plan should include everything from power outages and system failures to natural disasters, pandemics, cyber-attacks and online hackers.

Business continuity planning focuses on sustaining an organization’s business processes during and after a disruption. An example of a business process could be a company’s payroll process or customer service process. Because business processes use information systems, the business continuity planner should coordinate with information system owners to ensure that, in the event of a disruption, the information is available at all times to the relevant business units.

Insurance companies are increasingly requiring companies to present some form of business continuity planning when they issue policies. TeamLogicIT, Plano, can provide your company with a comprehensive business continuity plan. Contact us for more information today.

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