Having a business continuity plan is vital for any kind of business. So that, they ensure continuous production and delivery of their products and services even if any disaster occurs. The varieties of risks are increasing day by day in every business and to handle it, you must have a good business continuity strategy for survival. This is a critical planning and it is unfortunate that even today, many business organizations do not believe in this strategy.
There are a few misconceptions regarding business continuity plan like- companies expect their workers to be trained about acting accordingly during an emergency. They also expect the business insurance alone will help them to survive when a catastrophe strikes and ignore making a strong business continuity plan.
However, it requires a lot of time, which they cannot invest, also they think that there is no difference between business continuity and disaster recovery plan. So, just get rid of these misconceptions, if you want your business to flourish then create one such plan.
Importance of Business Continuity Plan: –
Apart from the continuation of the business on a regular basis, the other benefits offered by a business continuity plan are-:
- Working in Remote Locations: – It may happen due to some disaster, you are not being able to work from your main office. But, if you plan for a survival strategy beforehand such as a business continuity plan, then you will be able to run the business from remote locations and your business personnel and employees can work from that place, as well. You will also get a temporary place ready to be used as an office till your previous and original workplace get back into proper shape.
- Less Downtime: – When a disaster strikes, a lot of time is wasted in thinking what to do next. Even the business sometimes is completely ruined. You can avoid all these with a good continuity plan, as you can execute whatever is needed to do in order to keep the business running as previous. In business, time and money are equivalent. So, it is vital to avoid unnecessary wastage of time.
- Keeping the Customers Satisfied: – Since in the field of business time is the main factor, if your service is delayed or stopped, customers won’t ever trust you and they will even forget the name of your business. They will go to some other companies perhaps. So, with a business continuity plan, you will be able to keep your business running, you will continue to keep a hold on the previous customers and make new customers.
Factors to Take Care of While Making a Business Continuity Plan: –
- A Competent Committee: – It is not possible for a single person to plan and manage the whole plan single-headedly. There should be a team where the different works like maintaining the funds, overseeing the whole process will be divided accordingly to achieve the goal.
- Analyzing the Business Compact: – Determine the importance of each product, service, and function of your business and rank them accordingly. In this way, you will be able to decide which products are to be prioritized during the time of emergency to prevent bigger losses and to recover speedily.
- Creation and Review of the Plan: – The plan should mention clearly the whole process and the roles of each individual in details. According to the nature and requirements of your business, you can customize the plan with the help of the internet where so many formats are available. Once the plan is made, review every area to make it a success. Once or twice a year, do not forget to review the plan, as, with time, requirements and circumstances tend to change in business.
Accidents and disasters do not come with a prior notice, they are the most unfortunate incidents and unprecedented. So, as a responsible business person, you should be able to combat against any such incidents to maintain the reputation and customer base of your business. No matter, if it is a start-up, a small-scale business, or a big company, it is high time to create a strong business continuity plan to get rid of any tension of your business being ruined under any circumstances.