Does the company you work for, manage, or own have a disaster plan? Planning for disaster can help ensure your business survives an earthquake, flood, blackout, cyber attack or other serious disruption. Not planning, or not planning enough, can lead to huge losses, layoffs and even business failure. While most large companies have done a significant amount of disaster planning, many small or home-based firms haven’t planned any at all. So where do you begin? With a business continuity plan. Here’s how to create one of your own:
Map out your assets. Start with identifying your critical (and vulnerable) assets, such as your physical facilities, your business data and your technology. These are the assets that without, you couldn’t operate very well or at all. Be thorough in your planning. Do you have one major supplier or customer that you couldn’t survive without? And of course, don’t forget your most important people. What would happen if something happened to your best manager or employee? What would happen if something happened to you?
Take steps to protect your assets. Once you have identified your assets, you’ll need to figure out how to protect each one of them from disaster. Talk to your insurance agent about business continuity coverage, key person insurance, life insurance and other types of coverage that can help your business survive in the event of a disaster. If you rely on office space, do you have a plan for where to house your employees if your office is damaged or destroyed in an earthquake or flood? Is your most important company data backed up off site?
Do your business a favor and make sure you’re prepared for whatever life throws your way. For a step by step guide to creating a plan for your business, go here.