Help! Please expand this paragraph. Deadline: 30 minutes
Potential actions discussed by the board of directors may bring a variety of benefits to their members. First, a business continuity plan will allow the company to reduce risk and be prepared for future disruptions due to natural catastrophes. They would be able to keep operations running even during crisis situations and reduce losses.
A solid plan can also help investors and partners feel confident in the company’s ability to respond in such circumstances. It can also help employees feel better about their lives, knowing that they are covered in case of unavoidable events.
These potential benefits may not be realized, but there could be unintended consequences such as higher costs for developing contingency plans and additional training for employees responsible for executing these plans. If not executed correctly, it can lead to confusion within employees that could affect productivity. Boards should consider these points when considering whether to take such steps.