WHAT IS THE PRIMARY GOAL OF BUSINESS CONTINUITY PLANNING?
BCP ensures that all events capable of disrupting your business operations are foreseen and managed. It’s a risk mitigation strategy of sorts.
Any disruption results in decreased profit and increased costs. If there’s no step-by-step action plan on how to get out of the crisis, the recovery stage may take longer or even never come to pass. The outcome is you’ll be out of business at some point. According to The Federal Emergency Management Agency, 25% of businesses never reopen after a disaster.
So basically, a business continuity plan contains procedures and instructions that dictate how your company is expected to respond in the face of disasters or major crises. It also helps keep your core business activities, assets, and human resources intact under challenging conditions.
BUSINESS CONTINUITY PLAN VS DISASTER RECOVERY PLAN
Disaster recovery and business continuity plans are interdependent and work best when in sync. Your company should have them both in place to minimize the financial and operational impact.
When planning for business continuity, you focus on company-wide processes. The plan also addresses the needs of all stakeholders — be it employees, partners, or vendors. It outlines different scenarios under which all critical elements will be functioning. BCP provides answers to the following questions:
- How will you maintain uninterrupted services for customers during and immediately after the disruptive event?
- Are there any alternative sources of income for your company?
- Will your employees work remotely on a temporary or permanent basis?
- Will you move your offices and staff to more favorable locations?
With disaster recovery planning, on the other hand, you are more concerned with the immediate action on mitigation of interruptions caused by the disruptive event. This might include data retrieval, IT infrastructure recovery, communication restoring, etc. The aim of DRP is to bring operations back to normal as quickly as possible. A disaster recovery plan is often one small part of a business continuity plan.