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Continuity and recovery planning plays an important role in ensuring your business can still operate during and after severe weather event or other serious disruption. Business disruption costs money – lost revenues and extra expenses mean reduced profits. Having a plan and being able to put it into immediate action can mean the difference between staying open and shutting down for a few days (or even weeks and months). Up to 40% of businesses affected by disasters never re-open (Source: Insurance Information Institute).
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Continuity and recovery planning plays an important role in ensuring your business can still operate during and after severe weather event or other serious disruption. Business disruption costs money – lost revenues and extra expenses mean reduced profits. Having a plan and being able to put it into immediate action can mean the difference between staying open and shutting down for a few days (or even weeks and months). Up to 40% of businesses affected by disasters never re-open (Source: Insurance Information Institute).
Here are four steps to develop a business continuity plan- Conduct a business impact analysis to identify time-sensitive, critical business functions and processes, and the resources that support them.
- Identify and document resource requirements, determine gaps between recovery requirements and existing capabilities, select appropriate recovery strategies, and implement these strategies. Strategies may involve contracting with third parties, entering into partnership or reciprocal agreements, or displacing other business activities.
- Organize a business continuity team and compile a business continuity plan to manage a business disruption. Consider using the business continuity plan template from Ready.gov
- Conduct training for the business continuity team and testing and exercises to evaluate recovery strategies and the plan.
Get started on continuity of operations and recovery planning for your business.
- This SBA checklist provides a comprehensive outline of the disaster recovery process.
- Need help developing a continuity of operations or recovery plan? The U.S. Department of Homeland Security provides a six-part video series on business continuity.
- Identify your critical business functions using worksheets from the SBA and Institute for Business and Home Safety.
- Create a disaster recovery kit to protect important records and emergency items. These will be important to reconstruct vital information and establish operations following an event. The SBA provides a checklist of necessary items for the disaster recovery kit.
Done with the Continuity of Operations assessment? Go to the next section: Communication
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