No company owner is looking forward to a business disaster, but these do happen now and again. What's more, they come in various shapes and sizes, and it's not always easy to anticipate them. For this reason alone is why company owners need to be prepared and take the necessary steps so they can give themselves the chance to rebound as fast as possible.
However, companies need to have a business continuity plan. Statistics indicate that over 25% of businesses that are forced to close down because of a disaster, never reopen. Given this number, one would be forgiven for thinking that most companies would have a plan B put in place.
But the sad reality of the matter is that the majority don't.
The most common excuse given is that people don't think that a big enough disaster would ever happen to them so that they'll be forced to close down, in the first place.
Other excuses and misconceptions owners have about business continuity plans include things like the idea that such plans waste too much time and money to formulate. Others believe that their business has no inherent risks, their company is too small to need a plan, or that they can deal with the problem when it happens. There are also some that think a data backup is the same as a business continuity plan, or that their Internet technology could withstand anything that can be thrown at it.
What Is the Purpose of a Business Continuity Plan?
Such a plan will outline all the necessary steps a company needs to take to operate in the event of a disaster, security breach, an abrupt change in the market, or any other such scenarios that will disrupt the day-to-day processes.
When a comprehensive plan is in place, business leaders will have the opportunity to review any weaknesses or potential threats that their organization is facing. As a consequence, even the process of creating such a plan has its benefits as it can highlight any current risks which you can fix before they turn into a crisis.
Putting together a business continuity plan often involves the assessment of staff and leadership members, available resources, as well as the strategies that the company employs. These, in turn, will help you in dealing with issues such as employee development, labor disputes, patent lawsuits, real estate selection, distribution bottlenecks, or intellectual property security, among others.
What Most Successful Business Continuity Plans Contain?
The more comprehensive plans go beyond disaster recovery and also focus on any risks that may emerge from within the organization, itself. So, for instance, if a company decides to use cloud computing as a means of safeguarding their data from natural disasters, they should also consider what to do if someone from the inside, say, a disgruntled employee, would leak sensitive information. It is a particularly important aspect, especially for those in healthcare or financial industries where data privacy is of the utmost importance.
Successful continuity plans regularly make use of outsourced services regarding technology, space, and workforce in the event of a natural disaster or internal process failure. Outside experts can be a great and cost-effective resource in a crisis by ensuring continuity based on sound strategy.
To that end, Managed Solution is at your service by helping you assess your current situation and help safeguard your business in the future.
February 27, 2019
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