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The current pandemic has shown us how an unpredictable disaster can topple things uncontrollably. In an organization, this can be your worst nightmare turning into reality. However, Covid-19 may not have a deterrent yet, but you do, to save your business from unforeseen disasters, through business continuity and disaster recovery planning. Let’s see how you can do this to shield your business from crumbling to dust.
The first step of business recovery planning is listing down the top priorities that will determine your business’s continuity. These will include factors such as how long your business can continue without its assets, the possible outcomes if you cannot access the facilities, the required changes to maintain critical operations while things become normal, and considering scenarios that may occur and disrupt the organization.
The next step for an effective business continuity solutionis to tackle those concerns you’ve listed. This will mainly include the planning for operational threats, fulfilling obligations during the emergency, testing your plans, and documentation requirements.
Additional Read: How SMEs can manage their finances better post-COVID
Predicting and assessing risks is integral to preparing the right line of defence. Estimate risk likelihood through data, and define risk categories, such as security, legal, or reputational risks. Based on these, estimate the asset impact, and mitigate controls, like alternative operating locations and backups.
Disaster recovery planning (DCP) is just the subset of business continuity but is still significant to actually managing operations during a disaster. For a strong business disasterrecovery, make sure to create a full inventory of software and hardware for core operations during a disaster, allocate responsibilities to key personnel, create a firm communication plan to maintain workflow during DCP activation, and strategize on how sensitive information will be handled during that time.
A major part of DCP is keeping your financial options defined for quick access, be it during or after the disaster strikes. Your property may face damage, employees can be harmed, or vehicles can get destroyed. Hence, ensure that a firm insurance protocol exists, and you can access your agents, banks, or other financial institutions for urgent remedies, such as a business loan, property or motor insurance, personal loans, and so on.
After you’ve formulated a strong disaster recovery plan, start testing it regularly to look for loopholes and improvements. Frequent test runs will help you ensure that all parts are working seamlessly, such as back-ups, RTO goals, contact details, communication strategies, etc.
Additional Read: How SMEs and MSMEs can revive their business when the lockdown ends
Finally, an effective business recoveryneeds effective safety planning to handle the disaster. Keep first-aid kits, health resources, medical options, etc. in stock and inspect them monthly. Make sure that you have evacuation plans, emergency property access, and local hospital access in check so that your personnel and you stay secured.
Financial worries should be the least of your concerns while you have so much on your plate. For easy support during disasters, you can check Tata Capital, as they provide easy solutions for insurance and loans, and tools such as their business loan EMI calculator, to help you put your financial remedies into action, as quickly as possible.
Policies, Codes & Other Documents