Business Continuity is the ability of a company to maintain the essential services and functions during unfavourable and bleak situations. This could include a company’s downfall, an epidemic or pandemic and natural disasters. It includes involving risk management procedures to prevent any mission-critical services with the aim to refurbish everything the company has lost or in danger, at the soonest.
In order to maintain the continuity of a business, it is essential to have a business continuity plan that will keep the vital functions of the business running, to put an end or recover from the financial damage caused to the business. A business continuity plan is essential because it contains the various unpredictable events and takes into account natural disasters, cyber attacks and other external human or natural threats.
It is recommended for small, medium or large scale businesses. According to a few experts, the initial step in business planning is to allocate the money and resources to deal with any type of situation. New technologies like disk monitoring should be employed by companies to keep their data up to date. This will also prevent the loss of data because they help in maintaining the data not primarily in data centers, but also in geographically dispersed locations.
Why it is important
Like mentioned above, it is critical during a downtime, whether it is humanmade or a natural threat to the industry or the business. With the increase in the risk of cyber-attacks and loss of data due to corrupt devices, it is essential to maintain a business model that will retrieve the company from the threat without disrupting the operations.
Maintaining a business continuity plan will help the organization in maintaining a minimal level of essentials during a crisis and also maintain resiliency to respond quickly to any kind of threats and take necessary actions. Not only does a practical plan help in running a company smoothly during crucial times, but it also keeps the company’s monetary and reputation in check. In the era of increase in regulations, it is also necessary for legal compliance and requirements.
What it includes
Business continuity is a comprehensive plan that includes:
- Contact information
- A stepwise guide on how to use the guidelines
- A guide on when and how to use the document
It contains guidelines on how to maintain the sanity of a company when in terms of need and to keep the operations of business running smoothly. The plan must have no hindrance, and the procedure must be crisp and precise. This is because, during bleak situations, the entire company, including stakeholders, employees and the customers are at stake. The critical components of a business continuity plan include:
- Increase in the resilience of the organization done by designing critical functions.
- It is setting objectives and time for the recovery of the business function for different functions, systems and networks within a company.
A contingency plan which has detailed procedures and responsibilities to maintain the business.