Business Continuity Planning Definition

Business Continuity Planning Definition-41
We can probably enumerate more than a dozen reasons why businesses should create and maintain BCP initiatives but, at the end of the day, there is only one ultimate goal or purpose for it, and that is to help ensure that the organization, business or company has the required resources, information, and capabilities to deal with emergencies and similar unexpected events, particularly their aftermath.You will probably be able to appreciate BCP even more if you have a clearer idea of what the business can gain from it.

But the term actually means more than what the words literally mean.

The International Organization for Standardization, in ISO 22300, defined “business continuity” as the capability of an organization to continue the delivery of its products or services, at acceptable predefined levels, following a disruptive incident.

This, on top of the lost revenue, will further cause a drop in the profits of the business.

In a study of mid-sized companies that suffered a major disaster and had no contingency planning in place, it was revealed that, on average, their downtime cost amounted to $70,000 per hour. When their usual source of a specific product or service becomes unavailable, or unable to deliver their goods, customers will naturally look elsewhere for other sources.

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Except for time-bound enterprises, or business ventures that are started with the intention of terminating operations and liquidating the business at the end of a year or two, businesses are established with a long-term outlook.

Salvaging remaining equipment and machinery will also entail spending on transportation and hauling services.

Incidentally, if the factory workers are paid on a monthly basis instead of on an output basis, they will still be paid their regular compensation rates.

It implies the responsibility of the business owners and management for the business in ensuring that it stays afloat and “on course” despite any obstacles or stumbling blocks it encounters along the way.

This responsibility is incorporated into the greater management process of the business, and what is also referred to as “Business Continuity Management”or BCM.

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