UK Accounting Glossary
A business continuity plan is usually a separate document, associated with larger organisations. It sets out a range of procedures for dealing with issues, in the event of a major problem or disaster situation, to minimalise interruption to the business. Such events would include fire, flooding, electrical or gas faults, accidents with hazardous materials, even terrorist activity etc.
The relevance of this in the context of a business plan, whatever the size of the business, is that these issues should be considered and outlined in the Risk Assessment and Health & Safety sections. Any potential investor would want to see that there were satisfactory preventative procedures and contingency measures in place to reassure them that their investment would be secure. Insurance on its own is not generally sufficient, as some businesses do not survive a major disaster – despite being well insured.
The following covers some of the common key business areas that might be affected – but it will vary from business to business.
Areas to be considered could include:
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Definitions for Business Continuity Plan are sourced/syndicated and enhanced from:
This glossary post was last updated: 30th September 2019.