When creating a Crisis Management/Business Continuity plan, consider the following:
Perform a risk assessment — When creating a plan, it’s important to assess risks specific to your business. During your risk assessment, work with your organization’s leadership team and other key stakeholders to identify potential threats and vulnerabilities.
Determine the business impact of common risks — After you’ve performed a risk assessment, it’s important to understand how any threats could impact your business. To accomplish this, consider conducting a business impact analysis (BIA). BIAs can help you identify the operational and financial impact of a crisis, whether it be lost sales, increased expenses or regulatory fines. By predicating the consequences of a threat, your businesses will be able to focus its recovery efforts more effectively.
Identify potential responses — Once you’ve identified your business’s unique risks and their potential impact, you can then evaluate how you will respond to each threat. When planning your responses to individual crises, think critically about the resources you will need to resolve each issue.
These initial steps are critical as you build your own crisis management plan and must be well documented to ensure the health and safety of your employees and all those that you interact with in your day to day business. Also, review crisis management plans on a regular basis to account for any organizational changes or new threats.
Wondering how COVID-19 will impact your New Jersey Manufacturing business? Need help preparing? Contact Us Now to help protect your business.