The importance of Business Continuity Planning Part 1

In our previous blog, we introduced you to the concept of business continuity and lightly touched on the fundamentals surrounding it, nurturing a better understanding. If you are not familiar with the idea or lack the knowledge necessary to successfully implement it in your business, now is the time to learn. There is no way to foretell when disaster may strike or when unplanned occurrences and emergencies will have a massive impact on your business, potentially threatening your business endeavours’ success and longevity. Therefore, it is crucial to have a business continuity plan (BCP) to ensure and guarantee the best possible operational stability and recovery when unplanned events occur.

 

A BCP is a set of processes, including pre-drafted, predetermined protocols and procedures being put into action in response to a threat, risk, or crisis affecting your business and its operations.

 

Interruptions and unplanned occurrences can come in many different and unexpected forms, including:

 

  • cyberattacks and ransomware;
  • human error;
  • technological failure and errors;
  • infrastructural damage;
  • environmental disasters;
  • natural disasters;
  • sabotage; and
  • theft.

 

Many would say BCP is about protecting one’s assets, people, and property, and being able to continue functioning in the event of a disaster, and helping your business recover from unexpected business interruptions. However, business continuity planning offers several other vital benefits. It helps you plan, maintain, and carry out regular activities during specific events to get back on track with everyday business and minimise the impact. These benefits include:

 

Organisational insurance

It is vital to make sure you have the necessary protocols and planning in place to be ready, in control, and hands-on in the case of a possible emergency. This applies to everyone investing in your company – from employees, directors, and investors to customers, suppliers, and brand ambassadors. It is essential to assess the situation calmly in an unplanned event, with the necessary steps already drafted to take charge and take swift action. All the required steps and procedures must be communicated appropriately to minimise the setback and get back on track with normal operational activities.

 

Disaster recovery

The faster you can recover from unplanned events and disasters and return to your usual daily activities; the more likely your chances will be of recovering from the event and its consequences. Being prepared might not stop an unplanned event or disaster, but it will have a significant impact on how much or how badly it affects your business eventually. Unfortunately, many companies do not have the means or the stability to recover from a disaster, whereas the proper implementation of corrective protocols may have kept the business stable enough to recover sufficiently.

 

Minimising downtime

Minimising or eliminating downtime is essential for business continuity. Without the necessary plans or protocols in place to address this crucial factor, you may have to face your business coming to a complete standstill – putting the existence of your company at risk. Not only is it a significant risk, but it is also costly. The longer your downtime lasts, the higher the impact of lost productivity and great financial loss.

 

Protecting data

Irrespective of which field you are in or what services your business delivers, every company has private, valuable, and sensitive data. Some data belongs to customers, who expect data protection. Losing valuable data can be catastrophic for your company. Therefore, it is essential to have an adequate and reliable backup plan – like extra devices and cloud storage, and timely, well-organised data backup. This is necessary to ensure that all client data remains safe and secure and does not fall into the wrong hands.

 

We hope you have found this blog insightful and that it helps you protect and cover your business in the event of a disaster or unplanned occurrence. The benefits, as mentioned above, form part of a vast number of aids, which we will continue discussing in our next blog – keep your eyes peeled for Part 2!

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