Life is unpredictable. It can throw curveballs your way before your toes touch the floor after a night’s sleep. But isn’t that what makes life worth living? The challenges. The excitement. The fulfillment.
Owning a small business is no different. Those same curveballs can swoop right in and alter what you’ve worked so hard to perfect. This is why you need to invest in backup. The business world likes to call it: a business continuity plan.
BusinessDictionary.com defines this course of action as a “set of documents, instructions, and procedures which enable a business to respond to accidents, disasters, emergencies and/or threats without any stoppage or hindrance in its key operations.” Sounds like a pretty important thing for your small business to have, huh?
A good business continuity plan should do the following:
- Clearly state the business’s essential functions in writing
- Prioritize which systems and processes must be sustained
- Provide necessary information to maintain processes
Some key items to include:
- Employee contact list (don’t forget to include key internal personnel)
- Key supplier and vendor information
- List of critical business functions
- Recovery locations
- Copies of essential records
- Telephone numbers and other key contacts
- Inventory of equipment and software
Business Continuity Plan vs Disaster Recovery Plan- A case of proactive vs. reactive
These two strategies are made up of the same general premise, but here’s why they are different. A disaster recovery plan focuses on putting the pieces back together in a recovery effort following a disaster whereas a business continuity plan creates a plan of action to prevent the consequences of a disaster.
There are a lot of steps that go into actually creating and implementing a business continuity plan, so it’s best you don’t try to tackle it alone. Guidance from a trusted advisor will garner the best results, but this article from WikiHow is a great place to start for actually setting up your plan.
Think of PrimePay’s suite of HR3 products as your built-in business continuity plan for HR and benefits data.
By housing all of your company and employee HR and benefits information in one secure location, all your data will be accessible when you need it most.
The best part? We’ve got the people to back it up. The support system that comes along with our HR3 solution will give you the personal confidence that your data is safe.
Questions? Click here to learn about each of our HR3 options.
Please note that this is not all inclusive. Our guidance is designed only to give general information on the issues actually covered. It is not intended to be a comprehensive summary of all laws which may be applicable to your situation, treat exhaustively the subjects covered, provide legal advice, or render a legal opinion. Consult your own legal advisor regarding specific application of the information to your own plan.