Top 10 Reasons You Should Have A Continuity Plan

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Given the uncertainty of the global economy as well as the alarming climate changes occurring in the past couple of years, implementing a continuity plan represents a critical risk management step no business owner should ignore. Essentially, the business continuity plan can be defined as an identification of the internal and external threats to the organization in order to develop a proficient prevention and recovery strategy in case of disaster, while trying to maintain a competitive advantage in the industry niche. In other words, this plan represents a safety net that guarantees the continuation of the company’s operations under unfavorable conditions. Let’s analyze the benefits such a plan can bring for your business.

 

1. Disclosing the company’s vulnerabilities

company's vulnerabilities

Because the continuity plan implies a thorough evaluation of the company and focuses on discovering the aspects vital for the business, the direct consequence of this action is to reveal the unproductive elements and the ones you can do without. Analyzing the company from the inefficiency-efficiency points of view will practically determine the non-critical parts to disclose themselves, so you can dedicate additional resources to the products and services that truly matter.

 

2. Maintaining the costs of insurance affordable

costs of insurance

When it comes to implementing risk management strategies to keep a company safe, the first thing any business needs is insurance. Without denying the importance of being covered by a comprehensive insurance policy, it is necessary to mention that with a continuity plan the business owner will be able to keep the costs of the premiums under control. The reason for this resides in the fact that the business continuity plan is perceived as a long term commitment to managing risk.

 

3. It guarantees the survival of your business

survival of your business

In spite of the fact that few entrepreneurs actually give it a thorough thought, you should know that your company’s activity can be disturbed by a plethora of disasters, be them natural or manmade. What the continuity plan brings to the picture is a secure roadmap that allows you to effectively cope with the hazard, rather than going bust.

 

4. Provides an edge over the competition

Business competition

Granted, implementing a business continuity plan is a lengthy and difficult process for any company. On the other hand, if you keep your clients informed about the stages of the implementation at all times, you could surely win their support. In addition, once the process is over, your clientele will be reassured that regardless of what happens to your business, they will be in good hands, even if those hands are not yours. In addition, if you have clients who own businesses, then you have the perfect chance to show them the numerous advantages of working with you, a company with a continuity plan.

 

5. Inspires confidence and boosts the staff’s morale

Staff

In the eventuality that something happens to your business, then you have no other alternative than rely on the employees to deal with customers, prospects, partners and vendors. Moreover, your staff will try to reassure all of the aforementioned parties while trying to deal with their own negative emotions. This is where the continuity plans comes in to save the day: if your employees know that they are safe, then you can be certain that they will put in their best efforts to reassure and inspire confidence in your clients and business partners. However, it is necessary that you review the plan with them several times per year to check if anything needs updating or reconsideration.

 

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