A business continuity plan is very essential and that’s for the simple reason that even though you may not need it now, emergencies may occur at any point. A business continuity plan is a well-documented plan which ensures that the business processes are continued at a time of emergencies or disasters. It may therefore be referred as a contingency plan.
Such emergencies may come in any proportion. Some of them include fire, natural disasters, or even human errors. Analysis, Solution Architecting as well as implementation, Testing & Acceptance, and Maintenance are the key points to consider while making a business continuity plan.
What Are Some Of The Important Reasons For Having A Business Continuity Plan?
#1 Loss of Business and Infrastructure
A business should consider such potential threats and devise a business continuity plan to ensure that operations are not disrupted in the event such threats occur. Losses weigh so heavily on a business’ revenue and are one of the major threats to the continuity of a business. Last year, 4 Florida school district networks were hacked and yet the school managed to overcome the loss because it had a business continuity plan in place. There are many advantages in continuing your business even in the face of a threat. If you can save your business from going down because of unexpected losses, you will definitely emerge as a company customers can rely upon.
#2 Averting or Managing Disasters
Having a strong business continuity plan by analyzing your threats will enable you take proactive measures to try and avert disasters, or at least effectively manage them when they occur. This makes you stronger and able to withstand the regular mishaps that may occur at any point in your business. The responsiveness of your staff will be enhanced to such an extent that imminent problems will be plugged before they can develop into serious crises. This is why the Federal Emergency-Management Agency (FEMA) in Miami, Florida recommends that all business owners should make a business continuity plan which includes disaster management.
#3 Improving Communications
A business continuity plan outlines some important points to consider for the growth and sustainability of a business. These points are often ranked in their order of importance and urgency. One of the most critical elements during a crisis is communication, something that we never care about in a normal situation. The business continuity plan will clearly state the roles and responsibilities, as well as who’s in charge of what. A well-choreographed plan will make everyone aware of the best modes of communication and accessibility to the resources available, something they may need for example during major downtimes.
# 4 Enhancing Company Reputation
When your business faces any form of hardships, your customers and clients will need constant reassuring. While some customers may understand that it takes time to recover, others may not. But if you can skillfully manage the situation and gain the confidence of your customers so that they don’t have to sever ties with your company, then you can be sure your reputation will rise higher. This is because your present clients will see you as a dependable agency that’s not easily knocked down by hardships. In fact, they will be your best promoters out there.
# 5 Improved Profit
All the benefits highlighted above logically lead to one end –more profits. The main goal of a continuity plan is to ensure there are no disruptions in the operations of your business. This basically means that should there be a disaster of a regional magnitude and all your competitors within the region happen not to have had any working continuity plans, all their customers will look to your company. Therefore, aside from the fact that you will not lose any of your present clients, you will also gain more, a fact that will directly translate to more revenue.