One Disaster Away From The End Of Your Business

by | Dec 2, 2018 | General Business

You read or hear about the disaster horror stories all the time.  

A business experiences a fire, and it destroys everything in the office building.  A computer hard drive fails which causes all files to be lost. Someone breaks into an office building and steals all computer equipment, including all of the business’ electronic files.  

There are many different types of disasters.  Although you can take precautions to reduce the likelihood of some disasters, you have no real control over whether a disaster will occur or not.  

 

Is there anything you can do?

Definitely, and it involves creating a Business Continuity Plan (BCP).  

The actual definition of a BCP, according to Investopedia.com

The creation of a strategy through the recognition of threats and risks facing a company, with an eye to ensure that personnel and assets are protected and able to function in the event of a disaster.

You may wonder if your business is too small to justify spending time and money on the creation of a BCP.  The short answer is a definitive no.  No company is too small or too big for a Business Continuity Plan. 

And, no company is too big or too small to be struck by a disaster. 

There are many different schools of thought when it comes to creating a plan.  We’re going to focus on the steps that are available on the Ready.gov Business Continuity Plan website.

Planning

Step #1: Business Impact Analysis

Identify all possible sources of business disruption and the potential impact.  This will include natural disasters, security threats (both physical and cyber), dependence on vendors, etc.

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Step #2: Identify Recovery Strategies

For each of the sources of disruption identified in Step #1, create a strategy for managing each scenario.  This will also include ways to reduce the likelihood of each scenario.

 

Step #3: Practice

The only way to know if your recovery strategies will work is to simulate each disruption scenario and practice your recovery steps.  Practice often.

There you have it.  A quick introduction to disaster planning. 

This isn’t something you want to put off.  Start your business continuity planning today!

Ryan has been heavily involved in the world of Information Technology and entrepreneurship since the early 2000s. From small business consulting to Fortune 500 IT leadership, Ryan has a wide array of industry knowledge. He earned his BBA from the University of Iowa in 2004 majoring in Management Information Systems and later earned his MBA from the University of Iowa in 2009 with a focus on Management and Marketing. When he's not spending time with his wife and three young children, you'll find Ryan pounding away at his keyboard, spinning on his Peloton, or listening to a good audiobook or podcast.

Connect with Ryan on Instagram.

Ryan Glick

Ryan has been heavily involved in the world of Information Technology and entrepreneurship since the early 2000s. From small business consulting to Fortune 500 IT leadership, Ryan has a wide array of industry knowledge. He earned his BBA from the University of Iowa in 2004 majoring in Management Information Systems and later earned his MBA from the University of Iowa in 2009 with a focus on Management and Marketing. When he's not spending time with his wife and three young children, you'll find Ryan pounding away at his keyboard, spinning on his Peloton, or listening to a good audiobook or podcast.

Connect with Ryan on Instagram.

Ryan Glick