Most businesses tend to deal with current matters at hand. Things such as generating income and ensuring tight schedules for daily operations, can keep your hands full. It is imperative to find time for devising a business continuity plan (BCP).
Nobody hopes to use it, but having one prepared can save you from unnecessary stress. Here are some reasons why having a BCP is going to be beneficial in the long run.
1. Be safe, legally
Whether it is stipulated within contract agreement or government regulations, a lot of industries require every establishment to have a BCP.
Examples of which are:
- Supply chain driven industries
- Time-conscious government functions
- The financial sector, just to name a few
The absence of arrangements in these types of industry can cause loss of business and revenue. This is why it’s best to be on the safe side.
2. Stay on Top of the Competition
In today’s competitive world, having a well-established BCP can put you ahead of the compeition.
- A “third party business continuity” requirement is now included in a lot of commercial agreements and stated in most regulatory standards. What this means is that business-to-business (B2B) relationships which revolve around supplying services will need to have BCP.
- In effect, you can be critical to your customers and they to you. As both parties will look further into each side’s capabilities.
- An ideal way to respond to unforeseen circumstances.
- Being proactive in detailing this on your website and business proposals. This paints a reliable picture of you.
- While BCPs are commonly valuable in B2B transactions, it is also going to be beneficial when dealing with consumers. When customers know you have a plan it is a sense of assurance. This can bring brand trust.
Such a strategy is key to becoming a more favorable option and landing the business. This is most especially true when dealing with sectors related to health and well-being.
3. Potential investors see you as a great investment
When your business shows signs of being flexible, resilient and sustainable even in extreme situations, investors naturally feel more interested in you. This further proves how essential a working BCP is for you.
- Investors are where they are because they examine every nook and cranny of a business prior to investing.
- When your business is as cautious as they are you become more attractive. They will immediately see that and notice the resemblance of mindset between you and them.
- They need to be assured that you will stay afloat during adversity.
- When they are convinced through your BCP then you will have an investor to back you up.
4. Remain confident of your responsiveness
Contingency measures, in this case having a BCP, is the mark of having incredible foresight. When it is in place, you and your business are better prepared for any hurdle. Whether they are big or small.
Such confidence trickles down from you to your people, and eventually to your consumers. This guarantees everyone that no amount of mishap can stop your business from thriving.
- The age-old adage “prevention is better than a cure” is applicable. Not only to a person’s health, but also to your business.
- Having arrangements ready even before a disaster strikes ensures that you remain level-headed. Function quickly to address incidents with minimal effects to your daily operation.
- This in turn nets you the trust of both your employees and customers, seeing you as a strong brand.
You’ve gone through the hardship of starting a business, keeping up with the times and staying afloat against major competitions in the market. Don’t let all those efforts go to waste simply because you weren’t prepared enough.
Implementing and Testing your BCP
This is where Business Continuity Plan (BCP) becomes crucial every step of the way. The business continuity planning life cycle includes analysis of your needs and situation, then a BCP solution to be designed.
Implementing the plan and testing regularly can keep the plan up to date with your business growth. Maintaining the plan is imperative. You must be able to make changes as your business changes. These steps are continual as seen in the diagram.