In order to respond confidently and effectively to any disruption, having a business continuity plan is essential. A strong business continuity plan will help prevent customer dissatisfaction, boost employee confidence, and reduce recovery times. The sound of these 3 things is sure to please every business. But, in order to create a successful plan, you must know the 5 key components.
The 5 key components of a business continuity plan are:
- Potential risks,
- Effective response planning,
- Roles and responsibilities,
- Communication,
- Testing.
If a disruption occurs, you will be ahead of the game if you establish these 5 key components within your plan.
Read on to find out more about these 5 essential components of a business continuity plan and what each of them means.
What are the 5 aspects of a successful business continuity plan?
An effective business continuity plan includes the following 5 components:
- Potential risks
A successful business continuity plan will examine and be based on a business impact analysis. This identifies potential risks and vulnerabilities both internally and externally. The risks can range from natural flooding, supply chain disruption, cyberattacks and more. Your plan should include details about how these disruptions affect your business and the consequences of them, allowing you to calculate the cost if they occur.
To find out more about the top threats to business continuity, check out our dedicated blog here.
- Effective response planning
After you’ve examined the potential risks, you can start planning your response. Your business continuity plan must include a thorough analysis of each identified risk, its impact, and an appropriate response strategy to either mitigate or eliminate it entirely. You must outline the actions that must be taken and who must be involved in order to put the plan into action.
- Responsibilities
In order for a crisis to be met confidently, the key people in your business must know their roles and responsibilities so they can act accordingly. Your business plan should specify who should be involved and what they should do. Once these people have been identified and understand their roles, their actions must be clearly outlined in your plan.
- Communication
Communication is essential to any business continuity plan. Proper communication throughout your organisation can reassure your employees and give them confidence that the organisation is taking appropriate efforts to adapt and recover when necessary.
- Testing
If you don’t test your plan, how will you know if it’s effective? Ultimately, trialling your plan is one of the most important components. Test your team and have them demonstrate how they would respond to various situations.
How To Start Business Continuity Planning
Are you unsure where to begin when it comes to business continuity planning? To begin the business continuity planning process, you need to assemble a team. Those involved should be people you trust and who you can depend on. After that, prepare your supply chain – establish relationships with alternate suppliers in case your primary supplier isn’t available. In addition, ensure that you have enough insurance coverage to cover your losses. Then, you should be ready to follow the 5 essential components of a business continuity plan.
To learn more about NEBRC’s Cyber Security Business Exercise Package, check out our website today.
How Often Should A Business Continuity Plan Be Updated?
You should test and execute your business continuity plan at least once a year to ensure it remains effective over time. If there are more high-risk scenarios or complex recovery procedures, it should be done at least twice a year. Risks can change and emerge over time, so it is critical to stay on top of things to keep your company, yourself, and your employees safe.
About NEBRC
The NEBRC is an independent, police-led not-for-profit organisation that seeks to educate, inform, and support businesses in the North East, Yorkshire and The Humber regions on how to protect themselves from online crime and fraud through good cyber security practices.Sign up for our free core membership to stay up to date with the latest cyber security updates and gain access to a range of resources.