Since the COVID-19 pandemic and business interruptions through social unrest, companies and public entities are looking at business continuity implementation and planning.
Some very large industrial companies have recently implemented the ISO22301 business continuity management system to better plan for and deal with disruptive incidents. In some instances business continuity management planning forms part of policies by either corporate governance or governmental legislation.
In creating a business continuity plan, the process of evaluating potential weaknesses in the organisation provides management with the opportunity to gain a better understanding of their business and helps to strengthen any shortcomings.
Business continuity planning can create awareness of ways to improve an organisation often in areas that may have previously gone considered.
Through proper business continuity planning your organisation will become more robust. It can help with large-scale problems as well as resolving lesser problems.
Investors will take your business more seriously when they realise you’re prepared to maintain operations and productivity regardless of the difficulties and challenges your organisation or company may face. It also shows employees that you have their employment and personal well-being in mind.
A business continuity plan shows your customers that you have taken steps to ensure continuity of your productivity so you can keep your commitments to them.
Because of continuing supply chain constraints and difficulties, a business continuity plan instils confidence when it comes to contract compliance.
Important too is how a business continuity plan can help protect your organization’s image, brand and reputation. Being known as a reliable company is good for your business.
Here is a list of 12 main advantages of business continuity:
Predictive and effective response to crises
Protection of people
Maintenance of vital activities of the organisation
Better understanding of the organisation
Cost reduction
Respect of interested parties
Protection of reputation and brand
Confidence of customers
Competitive advantage
Legal compliance
Regulatory compliance
Contract compliance
In a nutshell the ISO 22301 international standard for business continuity management helps you meet requirements to plan, establish, implement, operate, monitor, review, maintain and continually improve a documented management system to protect against, reduce the likelihood of occurrence, prepare for, respond to and recover from disruptive incidents when they arise.
