This is one of the most common questions the Continuity Partner team are asked. So in this article we thought it would be a good idea to ask a respected industry expert (Julian Thrussell from Ultima Risk Management) to answer this question for us.
Here is what he had to say:
You will often hear the phrase “because it makes good business sense’’, but is that enough of a reason for having a business continuity (BC) plan and why does it have to be written down?
Businesses, whether they are public, private, voluntary agencies or charities, know the value of having documented and agreed contracts with suppliers i.e. to ensure they supply what has been agreed, in the appropriate manner and on time.
So what is so different having a BC plan for your company? A good BC plan will contain step by step instructions on how and when to recover the critical parts of your business, to an agreed service level and in a time scale that results in minimal disruption to your customers.
According to the Chartered Management Institute, 1 in 5 organisations suffer a major disruption every year. The reasons behind the disruption are varied and unpredictable. As such, an effective BC plan is one which can deal with a wide range of disruptions. And, if you get it right, a well thought through, practical BC plan can mean the difference between surviving and not surviving as a business. Even a short disruption to normal business operations can affect customer relationships and your reputation.
Why is it best to have a documented plan and not just rely on instinct?
Quite simply, if you rely on instinct and ‘reacting on the spot’, you will miss things and you may not have the right people available at the time to deal with a disruption. The best course of action is to step back now and consider what your key products and services are and the nature of the major risks which threaten your business. You can then document a plan to deal with any ensuing disruption, which includes recovering activities in priority order and ensuring you have the resources trained and available to assist in a recovery at any time.
If you would like to know more about Business Continuity Planning or would like to set up an exploratory call with an expert please Contact Us