When a disaster strikes it just strikes hard without giving any prior notice or intimation. Even with the slightest possible lead time in hand, things can still go wrong drastically. Every incident is unique and can unfold in the most unexpected ways. This is when Business Continuity Plan comes into the picture to help the organization recover from the incidents. Business Continuity Plan is all about having in place strategies and a test plan that can help cope with the situation with the least or minimum impact. Lack of plan will not just lead to a long time to recover from the incident but may also lead to an organization going out of business.
Let us today from this article understand the Importance of Business Continuity plan and why is its implementation essential for every business. Our article draws out reasons why the Business Continuity plan is important and ways it can help businesses cope with major unexpected incidents or events.
What is Business Continuity Plan?
Business Continuity Plan is a strategic process designed and implemented to help organizations quickly cope with major incidents like floods, fire, cyberattacks that could disrupt the entire business operation. It draws out a complete set of guidelines for organizations to follow when an incident occurs. Having BCP in place gives businesses the best chance of survival in an event of an incident. However, it is important to note that the BCP is very different from the Disaster Recovery Plan. Disaster Recovery Plan which is just a part of the entire Business Continuity Plan is a strategy that mainly focuses on restoring an IT infrastructure and operations after the incident occurrence.
Why is Business Continuity Plan important?
A business continuity plan is essential for every business. Lack of a plan for an emergency can lead to huge financial losses, an impact on the brand’s reputation, and even a loss of consumer confidence. Given below are some benefits of having a BCP in place.
Helps maintain Business stability –
BCP is all about helping business operations run even through crises and assuring stability in the overall business management. It further helps reduce financial loss and ensure the business stays afloat even during the crisis.
Manage Financial Loss
Knowing what to do in the face of an event will reduce the impact on business. Having a strategy in place will limit business disruption. The longer time a business takes to recover, there is a much higher potential for financial loss. But, with the right strategy in place, the business can restore its functionality and recover quickly with minimum business loss.
Build customer confidence
Witnessing your ability to quickly recover from a situation of crisis builds great confidence in consumers. Consumers will feel safe dealing with businesses that seem prepared or ready even during a crisis. Customers always prefer brands that can stand strong and can provide services without any disruption or hassle.
Helps Maintain brand and reputation
Brands that seem prepared and can arise from a situation of crisis will prove their resiliency to their consumers. This helps in building a strong brand reputation in the market. Consumers will have more confidence in the brand and will be willing to deal with them for their services/products.
Businesses that take time to recover from disruption may take a longer time to get their business rolling. On the contrary, businesses that are well prepared, have a competitive edge for they can cope with the disaster better, and recover quickly. This will not just help businesses build trust in them but also give them a competitive edge over others showing consumers that your brand is among the best.
How can we at VISTA InfoSec help organizations build an effective Business Continuity Plan?
When it comes to Business Continuity Plan, we at VISTA InfoSec can help organizations build an effective strategy that can help businesses recover at the time of crisis. Our team of expert Advisors can create plans for addressing complex issues and deal with situations effectively. We help businesses build resilience against an unforeseen event that reduces the possibility of complete business disruption. We offer holistic business continuity consulting services to assess, implement, exercise, and maintain your Business Continuity plan for your business.
You can Watch our webinar on : Business Continuity in COVID 19 era.