What is a business continuity plan (BCP) and Why is it so important for a business?

What is a Business Continuity Plan (BCP) and why is it so important for a business

A business continuity plan (BCP) is a process which outlines the prevention and recovery from the potential impact of disaster situations, and defines the policies to allow the business to be carried out as usual. A business continuity plan is usually more in-depth and covers much more areas including risk management, human resources, and even business partners. It covers all the elements that might affect a business’s operation.

A business continuity plan usually includes backup plans for different scenarios in a business, this includes elaborate plans for sections such as equipment, assets, data, and even physical locations. The plans will also have a backup role for company members, including contact lists and information for emergency respondents, key personnel, and backup

As the plan are usually aims to set the business back on its feet after unexpected situations, IT components are always one of the top priorities during recovery work. Hence, IT disruption backup plans are a key component in a business continuity plan as well. The plan would mainly be focused on handling the disruption of networks, servers, computers, and other mobile devices’ services. The plan should not only include emergency contacts but also manual rework or patch-ups during dire times.

What is a business continuity plan (BCP) and Why is it so important for a business - ThinkHub Coworking Space
Business Continuity Plan

Why is a Business Continuity Plan (BCP) important?

A business continuity plan is important as it sounds, it makes sure the business can continue running whenever there is a threat or disruption in the business. Companies are coming up with plans that can recover a company from major losses and have the business regain traction.

There are usually 4 main steps in coming up with a business continuity plan, these ensure the plans will work and they are to be updated once in a while to make sure the relevance of the plan.

  1. Determining potential threats or risks and how will they affect operations
  2. Implementing safeguard and strategize procedures to reduce or mitigate the risks
  3. Do test runs on the procedures to make sure they work
  4. Check and update the procedures from time to time to make sure relevancy

Stepping into current corporations, most companies will be working with more IT equipment than ever, in this digital age. With more IT equipment comes more risks in losing digital data through data corruption and technical issues. These digital equipment and services come with new ways to backup your progress as there are numerous services, even some free online services could save your business or progress.

Having that said, making sure a business continuity plan works as you want requires very in-depth planning and testing once in a while to make sure that every part of it works as intended. A complete plan tackles different situations with different approaches. If a plan isn’t complete, the tiniest, hardly noticeable component in the middle of the company’s operation could cause a disastrous loss to a company.

In Nutshell

A business continuity plan is not everything, things will always have a possibility to change depending on the situation at hand. Disasters and disruptions are usually unexpected, no one could expect in what form or way a situation might emerge.

The best everyone could do is to not only do as they told, but to understand the roles respectively, and study more into the details of your roles and responsibility.  With sufficient familiarity in your job and role, may the company came collapsing down and you would know what best to do and agree with the plan itself before you even look.

The good news is that ThinkHub Coworking Space is designed with business continuity planning in mind, target to help every company as well in uninterrupted business planning. If you are interested to understand how you can work out your BCP plan with us, message us via WhatsApp or click the button below to fill up your details and we will contact you shortly.

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