Don’t be caught off guard! Prepare for the risks by planning a comprehensive business continuity plan that will help you continue business operations as if they were never disrupted. Most companies are unaware that they are committing these five common mistakes in their business continuity plan.
No Plan, No Need
There are those who think that having a strategy to prevent potential threats to their business operations is unnecessary. By not taking the time to identify the risks or plan for potential disasters, your organization’s chance of survival goes down drastically.
An Insurance Plan
A business continuity plan is not an insurance policy. Companies have the wrong mindset about business continuity plans – that it is a document detailing the terms and conditions of a contract that relies on specific terms and phrases. They don’t want to spend unnecessary time and money managing the terms of coverage, premiums, and deductibles. However, a business continuity plan is a document that provides you a quicker recovery time after disaster, not a financial reimbursement against the losses.
Only Plan for “BIG ONES”
Business continuity plans help you survive threats that include but not limited to natural disasters, malicious attacks, power outages, and system failures. However, there are companies that avoid the thought of disasters or bad news. They are unable to properly plan for anything, from minor events to major disruptions.
Refusing to Practice
Most executives are unable to effectively integrate their business continuity plan into everyday business practices. They leave the plan ontop of a shelf and only reach for it when faced with an actual emergency. The plan is meant to be a documented tool that produces deliverables in case of business disruptions. Your business continuity plan needs to be practiced as a drill and exercised so all operating individuals are prepared when the unexpected hits.
Cost is too Expensive
Business continuity plans are thought to have a high overhead ticket – the bigger they are, the more expensive it will be. A good business continuity program follows the principles of pragmatism, the Pareto Principle (80/20), preventing perfect from being the enemy of good. Composing a business continuity plan is a fundamental step when you begin to consider hypothetical business disruptions. Get in touch with Dynamic Strategies to understand the importance of overcoming potential threats and risks that harm your business!
Article composed with the free HTML5 editor software.