The coronavirus made us realize, like countless other things, the importance of disaster readiness. More so if you own or manage a business. With the unforeseen disruptions sweeping the world, businesses of all kinds were forced to shut down amid lockdowns. That’s why almost everybody in the commercial world started talking about business continuity planning (BCP).
Small and large enterprises alike found themselves in an incredibly difficult situation early in the pandemic. Most of them didn’t have a business continuity plan in place. So, they were clueless about how to tread in such an unprecedented business environment. It also prompted a remarkable surge in demands for business continuity planning services across industries.
Experts say in the post-COVID market, businesses will likely emerge more prepared than ever to deal with disruptions. With more and more enterprises embracing BCP, we are heading to a disaster-ready commercial world. Read on to find out how business continuity planning helps your business.
What is Business Continuity Planning?
Business continuity planning is the set of processes and solutions that helps organizations keep operations up and running (or restore them quickly) in the event of a major disaster. Such plans usually contain a checklist comprising data backups, equipment and supplies, backup site locations, and digital platforms to manage operations, among other things.
BCP ensures that all essential services continue even when the business environment is unusual. COVID-19 helped many of us realize how BCP works. As the wave of global lockdown swept markets, a staggering number of businesses had to transform the ways they operate. Many business owners chose rapid mobile app development and other services to sell digitally during the market shutdowns.
Business Continuity Plan vs. Disaster Recovery Plan
Business continuity planning is sometimes confused with disaster recovery planning. Disaster recovery planning is part of a business continuity plan. But we cannot use them interchangeably. Disaster recovery has a broader scope than business continuity planning.
The underlying principle behind BCP is that IT systems must continue to run collaboratively. That’s why BCP often involves software outsourcing services and other tech requirements as part of a broader mechanism. On the other hand, a disaster recovery plan focuses mainly on restoring an organization’s IT infrastructure.
Top Benefits of Business Continuity Planning
Preparing for the unseen and uncertain is always a wiser decision. And the coronavirus pandemic made it clearer in so many ways. Very few organizations had a BCP in place when the pandemic hit. But the ones that had a plan saw the extraordinary benefits. Below are some of the most striking benefits of having a business continuity plan.
Disaster-Ready Business Operations
With a BCP in place, you can keep your business running even during a crisis. It significantly mitigates disruptions and reduces the financial fallouts of a disaster. A well-thought-through business continuity plan provides a reliable roadmap during disruptions. It also enables you to promptly respond to shifting market demands when the environment is unpredictable.
BCP, therefore, leads to faster operational and financial recovery. By bringing down the disaster-induced downtime, your business can overcome disruptions quickly. You could rely on technology Early in the coronavirus pandemic, businesses used enterprise mobility solutions to overcome disruptions.
Outstanding Brand Reputation
Not every business can respond quickly and efficiently from a disaster to a crisis. Customer notice — and remember — the ones that do. When your business maintains operations, the brand image gets a dramatic boost. For instance, brands that appeared prepared during COVID-19 saw a significant rise in customer loyalty.
As markets try to recover from the economic ravages of the pandemic, the competition will intensify. And branding and loyalty will be more crucial for success than ever. A growing number of businesses have adopted business continuity planning services in the wake of the global lockdowns. Many of them want to protect their reputation during future pandemics.
Undisrupted Supply Chain
Be it PPE, electronics, or groceries, the coronavirus disrupted supply chains unlike anything else. That’s because manufacturers and retailers alike were unprepared for anything like this. It’s also a telling story about the importance of BCP in supply chain management.
Supply chain disruptions are some of the devastating commercial effects of a disaster like pandemics. As most of us now realize, a broken supply damages the entire economy. Business continuity planning lets you mitigate the effects of supply shortages.
Averted Financial Risks
Countless small and medium businesses around the world had to close their doors permanently at the peak of COVID-19. It’s hard to deal with the shattering financial blow of a pandemic. Especially if you run a small or medium enterprise, crises like this may break your business financially. But with the right business continuity planning services, you could significantly mitigate the risks.
Crucial Competitive Advantage
Most businesses won’t be able to operate smoothly during a crisis. But if you’re equipped with a business continuity plan, you can quickly adapt to the shifting market needs. And it gives you a remarkable advantage over the competitors. Competitive advantage helps your business grow at the desired pace and establish a stronger brand image.
A business continuity plan makes you prepared for the uncertain. 2020 made business owners and executives realize that only uncertainty is certain during a disaster. And if you don’t prepare, the existence of your business would be at stake. Business continuity planning facilitates a mechanism for operating business even when the world seems falling apart. Be it implementing ERP solutions or using m-Commerce apps, tech-enabled processes make your business more resilient.
At OrangeMantra, a pioneer of digital transformation services in India, we have helped hundreds of clients smoothly deal with the pandemic. From implementing a tech-rich BCP to launching eCommerce, we enabled clients to minimize the disruptions of COVID-19. Reach out to us for chalking out a business continuity plan or upgrading your IT systems.
Frequently Asked Questions
Q. What is a business continuity plan?
A business continuity plan (BCP) outlines how a business will continue operating during an unplanned disruption caused by factors like a disaster or a pandemic.
Q. What is the difference between a business continuity plan and a disaster recovery plan?
A business continuity plan is more comprehensive than a disaster recovery plan. A BCP contains contingencies for business processes, assets, manpower, and business partners, among other things.
Q. How much does it cost to develop an eCommerce website?
The costs of building an eCommerce website vary widely, depending on your needs. If you need a simple online store with basic features and a storefront, costs are comparatively lower. OrangeMantra offers reliable eCommerce development at a competitive price.