What if your business was facing a crisis because of some disaster? How will you fix it and whom will you rely on? That’s when a business continuity plan comes in handy. Unfortunately, not all companies have a business continuity plan, and what does that do? It takes care of the risk management part of your business.
BCP is a strategy for how a company will continue in a disaster that hits their economy. The plan ensures the protection of every side of the business,
- the personnel
- Business assets
- business partners and
- business processes.
And because of this plan, the company can act quickly whenever there is a disaster. It’s kind of like a plan when things go wrong. The plan provides detailed procedures on how to survive both heavy and light disasters. Sometimes companies just result in loss of data and revenue because of all the hackers hacking into systems.
The current pandemic has put many BCPs under pressure. Different types of disasters have different effects on the economy and the business.
For instance, according to economic times, France’s economy shrank up to 6% during the start of the pandemic, and BBC news claimed that the US economy shrunk up to 4.8% during the same time.
It also depends on the kind of business it is and what it deals with. Smaller businesses simply don’t have what it takes to recover or start over, and they just shut down, never to open again. 15.4% didn’t make it into consideration to get an applicable plan.
Key Aspects of BCP:
Disaster Recovery Plan:
One of the main features of BCP is a disaster recovery plan. This has all the strategies needed for taking care of IT disturbances and networks, personal computers, mobile devices, etc. The target of a DRP is to decrease the data loss and protect the business’s IT base in all events. Just 30% reported having a proper disaster recovery strategy.
The capability in keeping things running even during a disturbance or planned interruption of service.
When the business still has access to applications even if a failure occurs, whether it’s an IT sector failure or the business procedure one.
Why Is a Business Continuity Plan Essential?
Business continuity planning came into existence in the 1970s, but businesses still relied on sites other than computers. In the 1980s, it started to grow a little, but even then, the IT section was in recovery itself, improving and developing.
By the 1990s, businesses realized that they couldn’t risk it and needed proper business management and focused on the entire industry. With increasing threats like cybercrime and mother nature disasters like
- Severe Earthquakes
And all sorts of disturbances, BCP started to rise because the business needed to grow and continue. Also, business continuity planning was becoming more complicated at the same time because it had to include application architectures, including assigned applications, processing, data, and a mixture of computing environments.
Companies are now developing coherent BCPs that keep businesses running and protect data, the brand, and retains their customers. Here are some reasons why you would need a BCP.
- Continuity: It is essential to have a backup plan in any case. Having a BCP ensures that your business will keep operating no matter what disaster occurs.
- Data Loss: Data loss can occur plenty of times because of human error, faulty systems, or cybercrimes. When companies have strategies and ways to recover it through BCP, it does not take much time to start.
- Decreases Disruptions: When a disaster occurs, the business operations can stop abruptly; instead of coming up with a solution right there, BCPs provide existing plans. This gets the business running in no time.
- Keeps The Customers: If business operations stop, customers will start to try out other products from other companies. A well planned BCP will keep the business running and keep hold of those customers and gain more.
BCPs not just save your time but also ensure safety, continuity, and continuous service. It will also protect businesses from tough times like what we are experiencing these days. BCP makes sure you have a robust business analysis in any situation.