Businesses face all types of pressure throughout the day. Many companies rely on technology and depend on supply chains to ensure the business is up and running. This can cause significant risks to companies if they do not have business continuity solutions in place. Providing the company is aware of these possible risks and can manage them effectively is a critical element of a business continuity plan which will help defeat problems in the future.
Many businesses fail to understand the elements and importance of business continuity solutions, often confused with misbeliefs, such as the examples below.
It cannot be expected for staff to understand what to do in an emergency as experienced staff may not even have a clue. This is why a clear plan is crucial in order to battle any upcoming challenges or emergencies. Without a clear and brief plan, each team member will end up responding to a crisis differently, which will add confusion and chaos as all employees need to follow the same criteria. It is essential that your business create a continuity plan and distribute it to your entire team making sure to continuously review it and always educate the team on any changes made. Make sure to stay prepared and help all staff understand how to respond if a disaster were to hit.
Assuming insurance is going to fix a disaster is not a reliable source as insurance alone is not a business continuity strategy. Proper coverage is a significant and essential part of the plan but is not a solution in itself. You cannot expect insurance to cover the loss of customers or market as these things cannot be covered.
It is evident that most companies are flat out from the amount of work they consume in a day, but it is essential that part of the day is kept available to create a continuity plan. Time spent generating and maintaining a business continuity plan is an investment for the company and shows excellent management and leadership. The faster you can return operations to normal; the more likely a business is to recover from a disaster successfully.
Some people may assume that business continuity and disaster recovery planning are the same. Business continuity is a proactive method to mitigate and avoid risks incorporated with a disturbance of procedures. It specifies the steps that need to be taken before, during and after an event to maintain the financial viability of a business. Disaster recovery is a reactive plan used to respond after an event. It deals with the restoration and safety of critical personnel, locations, and operational procedures after a disaster, and is one element of business continuity planning.
Think Your Business Can Withstand a Disaster? Think Again. A high percentage of businesses never reopen after a disaster hits.
If you would like to discuss business continuity solutions to ensure you have a great advantage, our expert team would be happy to chat with you. Hopefully, you now have an understanding of the importance of a continuity plan.