Business Contingency Planning
How to avoid a crisis? Be prepared for them.
When things are going well, you often forget to plan for the bad times. But when disaster strikes, you could lose everything in a heartbeat.
Worldwide events can bring your whole business to a standstill, your biggest client can choose your competitor over you, your system suddenly can crash making you lose important data etc. There are endless possibilities of disasters if you really think about it.
That’s why lack of a business contingency plan can be a disaster of its own.
When business is disrupted, it can cost money. Lost revenues plus extra expenses means reduced profits. Insurance does not cover all costs and cannot replace customers that defect to the competition.
“In the Chinese language, the word “crisis” is composed of two characters,
one representing danger and the other, opportunity”. John F. Kennedy
At FITAC, we can assist companies with a continuity plan to continue business as normal, if they act quickly and effectively.
We work with our clients to develop a business continuity plan, focusing on these four steps:
- Conduct a business impact analysis to identify time-sensitive or critical business functions and processes and the resources that support them.
- Identify, document, and implement to recover critical business functions and processes.
- Organize a business continuity team and compile a business continuity plan to manage a business disruption.
- Conduct training for the business continuity team and testing & exercises to evaluate recovery strategies and the plan.
Benefits of Contingency Planning
Without a contingency plan you’re opening yourself to unnecessary risks. Here are some important benefits of a contingency plan that you cannot look away from.
- Helps react quickly to negative events. As a contingency plan lists the actions that need to be taken immediately, everyone can focus on what to do without wasting time panicking.
- Having a contingency plan in place allows you to minimize damage that could happen from a disaster and minimise the loss of production.
If you or your company would like assistance with your business Contingency Plan, please feel free to call us on 01 691 8888 or email us at email@example.com and one of our consultants can arrange a call for a time that suits you.
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