The Institute for Business & Home Safety (IBHS) recognizes the importance of business continuity planning. As part of Business Continuity Awareness Week, June 21-27, IBHS would like to offer business owners an easy way to get started with a plan.
Before you start, you need to identify your risks—whether tornadoes, floods, hurricanes, freezing weather, earthquakes, or the “smaller” problems such as loss of basic utilities—and what you can do to protect yourself, your business, and your property. Then, you need to think about what you must do to assure your business’ survival and ongoing viability, i.e. what is most critical and time-sensitive.
Now, you are ready to focus on the construction of your business continuity plan. Here are the main steps:
First, record basic information:
1. Employees, including owners
2. Suppliers and vendors
3. Key contacts
Next, identify:
4. Critical business functions (What is most important to do to maintain an income stream; to keep your
competitive advantage and reputation; and to meet your legal, regulatory, financial or contractual
obligations?)
5. Possible alternate locations (Where could your business resume operations if you could not work
from your existing location?)
Then list what you would need to fulfill your critical business functions at that alternate location:
6. Vital records
7. Critical telephone numbers
8. Critical supplies
9. Equipment, machinery, and vehicles
Identify the items your workers will need:
10. Computer equipment and software
11. Voice and data communications
12. Miscellaneous resources such as office supplies
Once your plan is complete, store it in paper and online copies. Some people keep an extra encrypted backup copy on a computer flash drive on a key chain. Experts recommend updating the plan at least once a year, perhaps on an anniversary date or before storm season.
As a result of your planning process, you may decide to take some immediate steps to reduce the potential for damage from the risks you have identified, i.e. your vulnerability. You may want to install storm shutters, buy flood insurance, stock up on water, purchase a generator, or regularly back up critical information and data, for examples.
IBHS offers several tools to help you understand the ins and outs of planning ahead for a disaster, as well as identify other areas where you may benefit from planning on a day-to-day basis. The Open for Business® program is available in multiple formats and includes resources such as worksheets, checklists and even reminder emails to help you stay on track with your planning. And if planning still seems too daunting of a task, take a look at the Open for Business® Trainers to walk you through the process one step at a time.
Resolve to start planning now, because later may be too late.
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