Business continuity: when an incident occurs, a business will want to minimise disruption. After safeguarding human life, one of the most important priorities is to get the business up and running again. Some firms which business continuity plans is. Be sure how a business operates after serious incident and how would expect to return to normal in the quickest time possible. Then maybe four stages and such a plan.
- Carry out a business impact analysis. This will identify those functions and processes that are essential to the running of the business full stop this involves gathering information so that appropriate recovery strategies can be design. The process also involves identifying the financial consequences of such incidents, like loss of revenue, customer defection, increased, penalties and disruption to business plans. This information may be covered by using questionnaires and workshop session with appropriate parties. Once information has been covered in must be analysed, reviewed and if necessary updated to reflect changing circumstances.
- Formulate recovery strategies: these are the actions taken to restore the business to a minimum acceptable level after an incident. This will involve identifying the resources needed such as people, equipment, utilities, IT and materials to aid recovery. Examples of Recovery strategies that might be used include:
- Setting up agreement with another business to share resources and support each other should either party encounter serious disruption
- Planning to convert resources for new usage, for example, a canteen may be used as office space
- Contracting out work to third parties
- Prioritising production
- Maintaining higher stock levels
- Placing restrictions on orders
- Shifting production from one plant to another
- Plan development: this involves developing a detailed plan to ensure recovery strategies are carried out in an organised way. A business is likely to point recovery teams, develop relocation plans, and document recovery strategies and procedures that key staff aware of what is expected of them.
- Testing and training: once a recovery plan has gained approval is necessary to design testing exercises and train staff in the rules during the execution of the recovery plan. The recovery teams will be the main focus of such training. After testing and training in may be necessary to update business continuity plan to consider any discoveries meet you in this process. Finally, it may be necessary to review and update plan on a regular basis to consider any changes that have occurred in the business, such as key Personnel, bye to equipment or premises
Succession planning: part of risk mitigation involves identifying and developing current employees who have the potential to occupy she rules in the future. This is called succession planning. This is an important process because it was help with business deal with the problem of losing key staff However, succession planning will also help to develop the staff needed for post as a business expense. Result succession planning and business might end up removing a person who is not equipped to do the job recruiting an external person at greater risk and expense. Some research suggests those appointed from internal sources tend to outperform those from outside. Some key steps involved in succession planning process are outlined below:
- Identify the characteristics as successor should possess
- Decide how to the successor will be found
- Undertaker rigorous selection process
- Make the decision
- Communicate a decision
- Implement a training and succession plan