Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Business > How to Plan Business Continuity and Disaster Recovery

Loan for Business

How to Plan Business Continuity and Disaster Recovery

How to Plan Business Continuity and Disaster Recovery

The current pandemic has shown us how an unpredictable disaster can topple things uncontrollably. In an organization, this can be your worst nightmare turning into reality. However, Covid-19 may not have a deterrent yet, but you do, to save your business from unforeseen disasters, through business continuity and disaster recovery planning. Let’s see how you can do this to shield your business from crumbling to dust.

Jotting down the top priorities

The first step of business recovery planning is listing down the top priorities that will determine your business’s continuity. These will include factors such as how long your business can continue without its assets, the possible outcomes if you cannot access the facilities, the required changes to maintain critical operations while things become normal, and considering scenarios that may occur and disrupt the organization.

Preparing to tackle these concerns

The next step for an effective business continuity solutionis to tackle those concerns you’ve listed. This will mainly include the planning for operational threats, fulfilling obligations during the emergency, testing your plans, and documentation requirements.

Additional Read: How SMEs can manage their finances better post-COVID

Defining the risks involved

Predicting and assessing risks is integral to preparing the right line of defence. Estimate risk likelihood through data, and define risk categories, such as security, legal, or reputational risks. Based on these, estimate the asset impact, and mitigate controls, like alternative operating locations and backups.

Creating a strong disaster recovery plan

Disaster recovery planning (DCP) is just the subset of business continuity but is still significant to actually managing operations during a disaster. For a strong business disasterrecovery, make sure to create a full inventory of software and hardware for core operations during a disaster, allocate responsibilities to key personnel, create a firm communication plan to maintain workflow during DCP activation, and strategize on how sensitive information will be handled during that time. 

Having proper financial access

A major part of DCP is keeping your financial options defined for quick access, be it during or after the disaster strikes. Your property may face damage, employees can be harmed, or vehicles can get destroyed. Hence, ensure that a firm insurance protocol exists, and you can access your             agents, banks, or other financial institutions for urgent remedies, such as a business loan, property or motor insurance, personal loans, and so on.

Testing your plan regularly

After you’ve formulated a strong disaster recovery plan, start testing it regularly to look for loopholes and improvements. Frequent test runs will help you ensure that all parts are working seamlessly, such as back-ups, RTO goals, contact details, communication strategies, etc.

Additional Read: How SMEs and MSMEs can revive their business when the lockdown ends

Security and safety planning

Finally, an effective business recoveryneeds effective safety planning to handle the disaster. Keep first-aid kits, health resources, medical options, etc. in stock and inspect them monthly. Make sure that you have evacuation plans, emergency property access, and local hospital access in check so that your personnel and you stay secured.

Financial worries should be the least of your concerns while you have so much on your plate. For easy support during disasters, you can check Tata Capital, as they provide easy solutions for insurance and loans, and tools such as their business loan EMI calculator, to help you put your financial remedies into action, as quickly as possible.

Apply Now

Give Your Business the Right Boost: Apply for a Business Loan Today

Apply now
Popular Searches
business idea udyogini scheme hsn code full form low investment business ideas top 10 most successful businesses to start transport business import export business in india mineral water plant cost collateral free loans
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.