They would want their business to earn profits, and to continue operating profitably for an indefinite, but long period of time.When drawing up their business plans, they see their business continuing to exist and operate in the many years to come.While some companies have developed contingency plans, most have not.Tags: Characters Inspector Calls EssayTopic Sentence For A Research PaperPractice With Persuasive Thesis StatementsSteps Writing Research Paper High SchoolHow To Cheat On HomeworkResearch Papers In Apa FormatAlbert Camus Stranger EssayMaster Thesis E Marketing
The Business Continuity Institute hit the nail right on the head when it described business continuity to be about “building and improving resilience in the business”.
Organizational resilience means that the business can weather any storm and withstand any hits, and still remain operational, productive and profitable.
Thus, they make every decision with continuity of the business in mind, while taking into account the possible effects of unexpected events that may lead to disruptions and interruptions in business operations.
If we are to take the phrase “business continuity” for its surface value, the most obvious meaning would be the ability of the business or enterprise to continue operating as a going concern for a very long time.
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 ,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.
Business disruptions usually lead to the company spending more on incidental expenses in order to do some damage control.
For example, if the disruption is caused by a blizzard leading to the closure of manufacturing facilities, there is a high chance that the facilities have been damaged, and will require some major repairs.
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.