As the current uncertainty of the world attests to, the number of potential dangers to businesses seems to be on the rise, whether it be global pandemics, civil unrest, or cyber-terrorists. The ever-growing reliance on detailed networks of technology exposes organisations to the full range of hazards.
By creating a business continuity plan, you can manage these risks. This gives faith to both customers and staff that should any disaster happen, your services and their occupations will operate as usual.
Business Continuity planning
The value of a business continuity strategy is high. Despite that, however, many companies either don’t have one in place or haven’t created a sufficient plan. There are several reasons why an organisation is lulled into a false sense of security, such as:
Everyone knows what to do in an emergency
When a disaster happens, instinct takes over. People are scared, they panic, and aren’t clear of thought, which can lead to mistakes and further confusion. By having a well-designed business continuity plan, you take all excess stress from your staff. Any resources or tools they require shall instantly be provided, enabling them to continue working seamlessly.
While proper coverage in the event of a disaster is advantageous, it’s important to note that insurance and business continuity are two different things. Customer loss, Market share depreciation, and the halting of a new product rollout are a few things that insurance will not cover. Most insurance providers request that their potential customers have a tested and reliable business continuity plan in place.
Developing a sustainable business continuity model does take time, however it’s crucial to view it as a long-term investment. Certain costs will continue, independent of whether your organisation is running or not, which can prove very harmful as time goes on. It is always in the best interest of the company to return to operation as soon as possible, and there’s no better way than have a ready-made continuity plan in place.
Business Continuity v Disaster Recovery
Business continuity is a proactive plan, put in place to help you avoid hazards where possible and lessen impact swiftly in the event of a disaster. A worthwhile continuity strategy details steps to be taken before, during, and after an event to maintain business operations and prevent financial loss as well as customer dissatisfaction.
Disaster recovery, as its title suggests, is a reactive plan. As such, it can be part of an organisation’s continuity plan, dealing with the safe restoration of staff, office space, and resources.
Gain an advantage with Business Continuity
Business continuity planning is essential, no, it’s vital. It puts your company in a better state to recover from the business interruption, property damage, and financial impact of an unforeseen disaster. Customers in certain sectors, especially if you partner with the government, will expect you to have a continuity plan. The absence of one puts off potential customers while the presence of one gives you an advantage over the competition.