Running a successful business requires an understanding of how to serve customers, regardless of market conditions. Business continuity plans help companies stay running during natural disasters, economic downturns and bad publicity. While some business owners like to believe that they can quickly come up with a "Plan B" to work through a crisis, the world's best corporate leaders spend time making plans for events they hope will never happen.

Function

A business continuity plan outlines the steps necessary for a company to operate in the wake of a sudden and severe change to market conditions. Continuity plans can address basic concerns, such as the chain of command in the event a company leader dies or becomes extremely ill. Likewise, continuity plans reveal backup strategies for drastic scenarios, such as a serious incident or disaster.

Benefits

A comprehensive business continuity plan forces leaders to review the weaknesses and threats to their organizations from a detached perspective. While few business leaders want to focus on negative "what if" questions, the process of creating a continuity plan can raise concerns about employee development, real estate selection and intellectual property security. Tight plans can assure teams that company leaders understand how to turn on a dime during challenging times.

Potential

Crafting a business continuity plan involves assessing leadership, employees, resources and corporate strategies. The process itself can highlight weaknesses a company can correct long before facing an urgent situation.

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