When business is disrupted, it can cost money. Lost revenues plus extra expenses means reduced profits. Insurance does not cover all costs and cannot replace customers that defect to the competition. A business continuity plan to continue business is essential. Development of a business continuity plan includes four steps:
Conduct a business impact analysis to identify time-sensitive or critical business functions and processes and the resources that support them.
How quickly your company is back in business following a disaster will depend on emergency planning done today. The regular occurrence of natural disasters, the occasional utility and technology outages, and the potential for terrorism demonstrate the importance of being prepared for many different types of emergencies. While recognizing that each situation is unique, your business can be better prepared if it plans carefully, puts emergency procedures in place, and practices for the kinds of emergencies it could face.
IRS YouTube Videos Preparing for Disasters:Spanish|ASL
With the early start of this year’s hurricane season, the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.
Create a Backup Set of Records Electronically
Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set.