Last Updated on Apr 17, 2020 by James W
While no-one wants to think about experiencing a business disaster, it is essential to the smooth running of your company to have a recovery plan in place. By having a backup plan, you can limit the damage your business experiences, limiting any monetary loss, while getting you back online as soon as possible. If you want to protect your profits, data, and reputation, here’s how you can prepare your business for a disaster.
Assess Internal and External Risks
Carefully consider the different types of internal and external risks that could impact your business. For example, you could potentially lose data due to human error, a technical failure, or a power outage. Once you know the risks and what could cause them, you should then find the appropriate solution to safeguard your business.
For example, you could buy a diesel generator to help power up your business in the event of a power outage, making your data much more secure. What’s more, you should subscribe to the best protection for your computer and keep it up-to-date while ensuring your employees are knowledgeable on how to keep their data safe through the use of secure passwords, etc.
The Restoration of Critical Business Functions
Your company will depend on multiple processes, equipment and employees, which will each be as critical as each other for your business operations. Make a list of every primary function for your business, from billing to service fulfillment, and then establish a process for restoring each operation after an interruption. For example, you could backup important data in the cloud to recover data lost during a malware attack on your network.
Identify an Alternate Business Premises Following a Disaster
There are a number of reasons why you might be unable to access your business premises one day. For example, the building could have fell victim to a natural disaster, such as flooding, or it may have been burgled. You must, therefore, identify where you would continue basic business operations if you cannot access the premises. For example, would your employees be able to telecommute from home? Or could you move into a nearby temporary office space? Make sure your employees are always prepared to work from home by offering them company laptops with the proper software downloaded for such instances. If you’re worried about data being stored in people’s homes, laptops could be stored somewhere securely, and only brought out in dire instances.
Review Business Insurance to Receive the Best Compensation
When was the last time you reviewed your business insurance? If you can’t remember when, you must do so as soon as possible. Regularly review your policy to make sure your business is covered for realistic threats, such as a natural disaster, theft, or fraud. If you’re not covered for a risk, it might be worth moving to an insurance provider that can provide the cover you need. This will ensure you will be compensated for lost income during a disaster. Also, always keep your insurance policy information in a safe, secure location away from your business premises.
Annually Test Your Disaster Recovery Plan
It is crucial to iron out any mistakes in your disaster recovery plan, so that you can immediately spring into action to protect your business when facing a disaster. Annually testing the plan will also help to keep it fresh and updated, so you can tweak it to fit your growing company’s needs. You should also educate new employees on the strategy, and provide refresher training for long-term members of staff.