3 Steps for CEOs: Business Continuity Planning During COVID-19
In times of economic disruption, business continuity planning can provide organizations with the resources and framework needed to mitigate the negative impacts of disruptions to normal operations—while continuing to fulfill key objectives.
At its core, business continuity planning is about building resilient revenue streams and operations. It’s a core component of contingency planning and represents an ongoing process of
- Analyzing your organization,
- Understanding what threats might negatively impact operations,
- Identifying solutions, and
- Finding more opportunities to be resilient.
Effective continuity planning and risk mitigation efforts are especially important given the far-reaching impacts of the COVID-19 pandemic. Regardless of your organization’s size or scope, all organizations should have a business continuity plan that focuses on
- Understanding your core business processes and functions,
- Identifying the dependencies that support them, and
- Strategies to help combat the impacts that result from an emergency.
Business continuity planning is one area of contingency planning that complements and builds upon other emergency management activities, such as
- IT disaster recovery,
- Crisis management, and
- Emergency response programs.
Business continuity planning should result in you and your leadership team being able to answer the question, “How will we be able to continue to operate?” under a broad range of circumstances. The output should equip you with decision-making resources that have documented organizational priorities tied to the risks and potential impact of disruptions.
Your operations should also have documented business continuity plans with actionable steps to support essential functions, including financial processes like payroll, procurement, and revenue or accounts receivable.
Please click here to read the three steps your organization can take towards strengthening your organization’s business continuity planning.
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