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Step 2: Determine the Likelihood and Impact of Risks It is possible to come up with an enormous list of potential impacts, but some of the events will be so unlikely that it may not be reasonable to include them in the plan.Here's a process to focus in on the most critical events: Step 4: Look at Alternatives Often, there are steps that can mitigate risks or, in other words, steps that could be taken in advance to reduce the possibility or impact of the event.As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more.
Try it risk-free Every business is impacted by events, and a poor response to those events could, in extreme cases, result in the loss of the business.
Learn what contingency planning is and why we do it, and explore the process for implementing it at your company.
These issues can range from a loss of personnel to a major natural disaster.
Taking time to create and implement a thoughtful, detailed plan will go a long way to protect the business against future unknowns. We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities.
Perhaps an arrangement can be made with another business that has the equipment you need. Find out in advance who the alternate suppliers or shippers would be if your current arrangement may not be functional.
How long could your business function if its stream of income was shut off? Go over it with personnel and post it conspicuously throughout your business premises. What should they do when they're notified of an evacuation? Where should people meet outside of the building(s)?
Taking the time to put together a business continuity plan will help ensure that your business is able to resume operations in the shortest possible time. But don't forget about growing risks that are often overlooked by small businesses such as cyber attacks, hacker activity, and sabotage.
Decide what would be absolutely essential for your small business to start operating again if a business disaster closed you down and take steps to ensure that those essentials would be available quickly. What equipment do you need to continue to produce and deliver your critical products and/or services?
Business Continuity plan guards against business disruption in case of unforeseen events. the procedures employed to ensure the timely and orderly resumption of an organization’s business cycle through its ability to execute plans with minimal or no interruption to time-sensitive business or service operations” ( A well thought out business continuity plan can mean the difference between your business's survival and failure if disaster strikes. Figuring out what types of disasters are most likely will help you focus your continuity plan and not waste time and money preparing for something that's very unlikely to happen.
A fire, a flood, a hard drive failure or data theft - any or all of these could put your business out of commission. There's no point in planning how to recover from an earthquake, for instance, if your business is not located in an earthquake zone.