It's no secret that becoming an entrepreneur has the potential to be one of the most lucrative endeavors you pursue. But this doesn't mean it doesn't come without obstacles.
Establishing a solid business continuity plan (BCP) is key to ensuring that your company can weather difficult times, minimizing business continuity errors and ensuring a smooth recovery. But not everyone is aware of the common pitfalls they should be avoiding.
Not sure where to start? Don't worry, we've got you covered.
Let's take a look at everything you need to know about creating a robust business continuity strategy.
Here's what we'll explore:
1. Improper Risk Analysis
One of the biggest mistakes that companies make is failing to properly analyze the threats that could affect their business in the future. While these will vary from industry to industry there will always be a group of scenarios that could negatively impact your revenue result in legal issues etc.
For example those in the healthcare industry have a large number of risks that they need to prepare for.
2. Inefficient Incident Response
If you do encounter a contingency it's imperative that you have a previously-established course of action to take. Otherwise you're forced to react to the incident without any preparation whatsoever.
As you may expect this can easily result in future issues for your company. In extreme cases you may even find that your business has great difficulty recovering from the problem.
A data breach for instance is something that can easily disrupt otherwise-prosperous business operations. Since it's not possible to prevent every unwanted scenario you'll need to have a plan that covers how to react.
3. Non-Compliance
Failure to comply with industry regulations can result in legal penalties downtime etc. While a smaller company may be able to circumvent these guidelines it's highly likely that their actions (or inactions) will be discovered in the future.
Since this even applies to cases where negligence is the primary factor it's imperative that you maintain compliance at all times with your industry's standards.
4. Not Reworking Your Continuity Plan as Time Goes On
As your company grows so will the number of risks that are able to affect you.
These could include cybercrime reputation attacks internal complications among team members etc. So it only makes sense for a company to review and revise its business continuity plan as time goes on.
If you're unsure about how to implement this process aim for a review every 6 or 12 months. This will provide enough time for any substantial changes in your company to take effect allowing you to make adjustments where necessary.
Refining Your Business Continuity Plan Can Seem Difficult
REFINING YOUR BUSINESS CONTINUITY PLAN (BCP) CAN SEEM DIFFICULT
But it doesn't have to be.
With the above information about how to develop a solid BCP in mind, you'll be well on your way toward ensuring that your company has the greatest possible chance of success, even when faced with unexpected disruptions. However, refining and improving your BCP can be challenging, and avoiding common business continuity errors is crucial.
Want to learn more about how we can help? Feel free to get in touch with us today to see what we can do to assist you in developing a robust business continuity strategy.
Our technological expertise and extensive experience allow us to work with virtually any system, enabling you to meet your specific goals and objectives–no matter how complex they may be. We pride ourselves on offering sophisticated solutions that other smaller IT firms simply cannot offer, outfitting your company with a reliable support system as your needs expand and evolve. Alura Business Solutions provide services including but not limited to.
By partnering with us, you can leverage our expertise to refine your BCP, minimize business continuity errors, and develop a business continuity strategy that gives your company the resilience it needs to thrive, even amidst challenges.
