According to U.S. statistics, in the event of a disaster, 80% of businesses without a business continuity plan(BCP)would shut down within a year, and 43% would never recover. A BCP is part of doing business, said Thomas Frank, director, risk management, BMO Financial Group, one of six speakers in a roundtable discussion at the Velma Rogers Theatre in Toronto today.

Without a BCP, a business’s production slows, supplies and stocks diminish, and remaining workers will get sick, said Perrin Beatty, CEO and president of the Canadian Manufacturers & Exporters(CME). “The plant will close and you will lose money. By implementing a plan, it could save your bottom line – and your business.”

But a plan is not always a part of doing business for every company. “It’s seldom at the top of anyone’s to-do list,” said Ann Wyganowski, president of the Disaster Recovery Information Exchange. When people watch the disasters reported on the news, she said, no one thinks it’s going to happen to them.

Furthermore, it’s hard to sell the plan to management, said Frank. Especially, he said, if management hasn’t experienced some kind of crisis. But Sharon Walker, emergency planning manager, City of Vaughan, said the key to winning over management is research. “Find out what has happened [in terms of crisis] and use that as a selling point.”

Once management is onside, put pen to paper and document every detail of the plan. And make it available to others. The CME has a BCP on its website, which is free for its members. According to Beatty, the plan has been downloaded 200,000 times, and he’s proud of that fact. Businesses, he said, should be sharing their plans and their best practices.

But even as the ink is still drying, it’s important to remember that a BCP is not simply a two-dimensional document left on an office shelf. It’s a living, breathing plan that will have to be executed in the event of a crisis. Companies need to engage in spontaneous exercises to get a realistic view of how their employees will react, said Walker. Beatty agreed. “The best plan in the world on paper looks very different when you turn on the switch.”

To comment on this story email brooke.smith@rci.rogers.com.