Business continuity plan: what is it and what phases does it have

by Abdul Rimaaz Abdul Rimaaz Business Consultants UK

Do you need to prepare your company for the future? One of the fundamental concerns of any entrepreneur is the continuity of the company, but foresight and organization can go a long way in being prepared. In this post we tell you what a business continuity plan is and in what phases it is developed.

 

Definition of business continuity plan

 

A business continuity plan is a document that analyzes a business and its viability, sets objectives and establishes measures to improve the company.

 

For example, the organization may have financial difficulties and consider several options to get ahead such as reducing costs or seeking help from investors.

 

Content of a business continuity plan

 

Organizations have very different structures and strategies from each other, but the continuity plans of different businesses can have a series of common elements that can be the following:

 

• Description of the business . It is the part in which the business is analyzed and it is described what it consists of, what needs it has and what viability for the future. That is, the company's problems are studied in depth.
• Organization . It is important to consider the structure of the company to see how it can be adapted to achieve the strategic objectives that are raised.
• Necessary investment . One of the most important sections of the business continuity plan is the one that determines what investment is needed for the company to move forward. It is essential to be very specific and realistic at this point.
• Income and expenses . That a business can have continuity will depend a lot on the knowledge that one has of the company. In this sense, it is essential to know what structure of expenses and income we have, so that it adapts to the objectives of the company in the short, medium and long term.
• SWOT. Although this type of study is a classic, we cannot forget its importance in the continuity plan. On the one hand, internal elements (weaknesses and strengths) and, on the other, external elements (threats and opportunities) are analyzed.

 

For the definition of the content of the business continuity plan, a business consultancy that analyzes your company and helps you answer questions such as: What situation are you in? What objective do you want to reach? state is the market in which you work? The answers to all those questions will help you see if you are moving in the right direction or need to make changes.

 

What phases does a business continuity plan have?

 

Now that you know the content of a business continuity plan , it is essential that you know in which phases it can be developed. They can be the following:

 

• Define your goal . The first thing to do is establish what you want to achieve. In the case of the business continuity plan, it could be: having a business that lasts over time. It is important that the objectives you set are realistic; even if they pose a challenge and that they are very specific and limited in time.
• Establish the actions to be carried out . The objective you have set will mark the actions you must take to achieve it. Think about what you think you should do so that your company can continue with the business in the future and can be passed from one generation to another. In general, the areas in which actions will be carried out can be the following:
• Marketing and sales. It is essential that you see what actions are necessary for sales to grow: marketing campaigns, establishment of the buyer person, means to be used, KPIs that are going to be applied to measure results, etc.
• Template. Think about what profiles you need in your staff so that you can achieve the objectives you set for yourself. The template may have to be increased or reduced or the structure may have to be modified.
• Finance. It is important that you have defined how much money you need for business continuity so that you can establish at this point what budget you have and how you are going to get what you need: search for investors, request for bank financing, reduce expenses, etc.
• Monitor the progress of the business continuity plan. The business continuity plan is a living document, not a static one, therefore, it is essential that you control how the actions you take evolve to check whether you are achieving the objectives you set or are necessary modifications to the plan. In addition to the above, a periodic review of the business continuity plan is essential to see if it adapts to the company's strategy at all times.

 

In short, the development of a business continuity plan is essential for any company that wants to grow in an orderly and planned way. In this sense, the external help of a business consultancy can also be the key to making the plan a success.

 

 

 

 

 

 

Posted by: Abdul Rimaaz

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Created on Dec 9th 2020 23:58. Viewed 297 times.

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