Studies have shown that 49% of small businesses fail within the first 5 years of the business. Whether big or small, your business needs a business continuity plan to mitigate the consequences of a business threat you never thought of. The plan ensures that your business recovers fast enough and does not experience major downtime during or after the crisis. As per BCM experts, it’s better to plan and be prepared before crisis hits. Here are some essential factors that organizations need to consider to launch a successful business continuity program :
Make sure that you have your business continuity plan ready.
Investing in BCP is one of the significant aspects of business continuity management. Developing a business continuity plan can protect enterprise operations, clients, employees, revenue, and brand. If you are interested in a BCM business solution, it’s recommended to have your plans ready for crisis preparedness.
Awareness of team members about their responsibilities
The success of implementing this business solution depends on the awareness of the team members. Enterprises that socialize staff with full knowledge of what, when, and how to do things when disaster strikes perform better during the actual crisis period.
The staff knows about risk management.
Identifying threats and understanding the risk impacts help employees analyze their existing preventive measures and what actions they should opt for. The analysis minimizes the risk intensity. If there’s no control over the risk, consider removing, accepting, mitigating, or reducing them. Documenting the processes will make you capable of controlling risks and avoid their impacts efficiently.
Ensure that recovery staff is fully accountable
The success of the BCM, to an extent, depends on the accountability of the recovery staff. An organization’s BCM business solution can be more effective if the recovery support staff is trained properly. It’s also significant to create a scoreboard to measure their performance. This activity can motivate them to be accountable.
Recovery strategy- planning for business disruptions
The recovery strategy of BCM business solutions has a strong influence on an organization. Making plans for all business disruption scenarios is impossible, though there is a fair chance to mitigate some crisis impacts. These are the points that help you get covered:
- Can’t access the building or location of the business
- Unavailability of supply chain and external resources
- Availability staff issues (due to strike, weather, etc.)
- Issues related to technology
Testing of the enterprise business recovery plans
The effectiveness of the business solution enhances its success rate. Business continuity is not an exception. BCM Testing monitors the effectiveness of your crisis preparedness. Putting your plan to the test helps you understand the gaps in business continuity planning and how you can address them.
Not to forget, re-evaluating your business continuity plan.
A successful business solution needs to be evaluated thoroughly. Re-evaluating the BCP’s effectiveness and accuracy is essential after it is put to the test. A re-evaluating plan helps an organization to take proper corrective actions on the gaps in their BCP.
Overall business recovery of enterprises
IT is one of the major reasons for business disruptions and often not paid much attention to during BCM planning. The business should have adequate plans related to operational requirements. Planning & proper execution helps enterprises recover from potential staff, suppliers, and workplace disruptions.
Recovery protocols of incident management
Clarity of recovery protocols makes the organization’s BCM business solution efficacious. Protocol documentation incorporates escalation timeframe, information flow between teams, external and internal communication plans other than key stakeholder engagement. Without an incident management protocol, enterprises won’t take proper actions during the crisis period.
Effective Communication at the time of emergency
Effective communication strategy expedites the success rate of the organization’s BCM business solution. It accelerates an organization’s recovery process effectively. Communication strategy minimizes confusion, exaggeration chances, and miscommunication. It protects organizations from reputational loss as well. If you would like to know more about our offerings in Business Continuity Management and our solution AutoBCM, please contact us. We will be happy to help you take your BCM initiative to the next level.