How To Create a Business Continuity Plan

2/1/2022 (Permalink)

What Is a Business Continuity Plan and How Do I Make One?

A continuity plan can help business owners cope with storm damage or flooding at a commercial structure in Phoenixville, PA. Owners should take the following measures to limit lost revenue due to unexpected setbacks.

Perform a Business Impact Analysis

Any successful plan for continued operation after a storm or disaster calls for accurate operational data. Business owners should make several calculations:

• Average expenses and revenues
• Risk assessments for floods, storms and other types of damage
• Scenarios that could interrupt business
• The effects of supply shortages or service delays

This analysis can help owners make more informed choices with regard to property insurance policies and interruption riders. A gap analysis is another important component of a complete impact analysis.

Come Up With Continuity Options

Once a business owner has assessed the situation of a business and identified potential problems, the next step is to come up with solutions. A continuity plan may include measures to lower the total of an interruption claim or avoid the necessity of using this coverage:

• Reducing continued costs during closure
• Moving to a temporary location
• Operating out of an undamaged portion of the primary location

If specialized equipment or other issues prevent a business from operating, it is a good idea to file an interruption claim. This commercial policy rider can offset continued expenses such as rent or payroll until a business reopens. Business owners may want to refer to federal guidelines when developing a plan.

Delegate Responsibilities

A plan cannot succeed without trained staff. Business owners should delegate responsibilities and complete training in advance of an interruption. Maintain open lines of communication in the event of a disaster.

These are the major stages of developing and implementing a continuity plan. If a business sustains storm damage or suffers from flooding in Phoenixville, PA, owners should rely on the expertise of damage mitigation and restoration professionals.