Develop a Business Continuity Plan in 4 Steps
Business owners can minimize losses due to disruption after a disaster by making a business continuity plan. These four steps will help you develop a plan to keep operating after a disaster or reopen as soon as possible.
1. Conduct a Business Impact Analysis
Gather data on revenues and expenses and perform detailed assessments of the costs associated with various risks. In addition to fire, flooding, or storm damage, an impact analysis should also factor in delays or shortages of supplies or services. This analysis is also useful for determining the amount of business interruption insurance coverage needed to offset lost revenue and continued operational costs.
2. Plan Recovery Strategies
The right recovery strategies depend on the nature of a business and the level of interruption coverage. Determine whether you can operate out of a temporary location or even keep the main location open in the event of partial losses. Identify which costs or losses can be recouped through business insurance and perform a gap analysis to identify what is not covered. Strategize about how to minimize losses and quickly resume operations.
3. Implement Continuity Measures
Once you have an impact analysis, gap analysis, and strategies for recovery, you are prepared to lay the groundwork for the continuity plan. Organize a team responsible for enacting these strategies in the event of an interruption.
4. Perform Tests and Training
Put your calculations to the test as you implement these measures and train the continuity team. Update the plan with findings from testing and training.
Follow these steps to develop a continuity plan for a business in Colbert,WA. Refer to a federal guide to continuity plans for further guidance. It may take anywhere from 48 to 72 hours for business interruption insurance to start. A commercial damage restoration company can help you repair damage and resume operations in a timely manner.