How does a business continuity plan help businesses?

How does a business continuity plan help businesses?

How does a business continuity plan help businesses?
How does a business continuity plan help businesses?

October 04, 2021

Business Continuity is the ability of an organisation to maintain its essential functions after a disaster has struck. This can be better understood through the recent COVID-19 crisis. Every business suffered a setback during the pandemic that had a huge impact on the world economy. Many lost their jobs and millions of businesses came to a halt. Many businesses even had to wrap up their operations.

At the start of the pandemic, out of 140, 104 were marked temporarily closed on Yelp.com. Further, over 97K businesses had to close down permanently as per Yelp.com's Local Economic Impact Report.

However, as things started to move towards normalcy, several businesses started to get back to their business function. The businesses that had better business continuity plan was able to handle the crisis better. But what measures help you to build better continuity? By enrolling in a management Programme from IIM Calcutta, one can enhance knowledge on business continuity and growth strategies by making better business decisions and planning in advance.

Need and Role of a Business Continuity Plan 
Several internal and external factors (natural disasters, cyberattacks, pandemics, fire outbreaks, and threats) can impact a business, but its key focus must be sustaining its essential processes so that productivity is not impacted. Business continuity helps in devising a risk management strategy for the businesses.

It also helps in preventing any kinds of interruptions to all the mission-critical components. Additionally, it helps in re-establishing all the functions of the organisation instantly and smoothly. Apart from disaster management, a business continuity plan is also critical during mergers & acquisitions, geographic expansions, new organisational objectives, digital transformation, etc.

During a crisis when businesses are unable to fully operate due to unavoidable scenarios, a business continuity plan helps combat contingencies and operate suitably.

A business continuity plans allow businesses to work at minimum levels and analyse different areas for potential growth. Therefore, it focuses on basic functional areas to keep the business running. Also, insights like if the customers are still interested in purchasing products helps.

When the business continues to function even in crisis, its growth becomes unstoppable.

Role of leaders in business continuity
 A good leader can play an important role in redefining business operations in adverse times. He can cohesively keep the team together, motivate them and push them forward to achieve the organisational goals. It is the responsibility of the leaders to lead their business in crisis and develop strategies to keep the business functions running. This can only be done when the leader is aware of various business continuity strategies. Having the right skill set and knowledge base plays a crucial role in this. Thus, an advanced Programme from IIM Calcutta will prove to be a boon.

Role of competent leaders
With the increasing incidents of man-made and natural disasters, every business needs competent leaders who understand the importance of having a business continuity plan in place. This plan also demonstrates to the stakeholders, partners and employees how prepared the business is. Apart from providing a framework to act well on time, it also helps in branding and business credibility.

During a crisis, deeming every function of the business to be highly critical is naïve. A wise business leader is one who develops a business continuity plan that covers even the worst-case scenario. He will filter the most important business functions and resources required to continue the business. Some aspects of a plan are an alternate location for work activities and/or storage, core team and the role of each member, identifying alternate and key vendors, effective training on how to execute the plan effectively, etc.

How can the course help professionals learn/devise growth strategies?
Several senior management programmes are there that claim to help professionals develop business growth strategies. However, making the right choice is crucial to one’s career growth. This advanced programme from IIM Calcutta is a carefully curated for leadership aspirants.

IIM Calcutta’s Executive Programme in Growth Strategies for Business Leaders (EPGSBL) covers various modules like Mastering Growth Mechanics, Leveraging Innovation for Growth, Orchestrating Ecosystem for Growth, and Building Long-Term Pillars for Sustenance of Growth. These cover business model innovation, implementing new ideas, managing businesses alliances, building business capabilities, meeting stakeholders’ expectations and more.

The course features several case studies, simulations, real-world projects, and guest lectures from experienced professionals. The entire curriculum has been designed to help learners grow towards a better future. It helps professionals to leverage their skillsets, handle a crisis, develop better partnerships, and grow.

Concluding thoughts
Business continuity is an essential element of business management and business growth. The practical aspect of such strategies is often debatable, but it is required to get you through the legal aspects of running a business. IIM Calcutta’s Executive Programme in Growth Strategies for Business Leaders (EPGSBL) will help you learn about various management strategies and key aspects of business growth and continuity. With a certification from such a well-known institute, one is bound to excel in your career.

Source: 
https://searchdisasterrecovery.techtarget.com/definition/business-continuity
https://www.ibm.com/services/business-continuity/plan
https://securityintelligence.com/business-continuity-management-crisis -leadership/
https://www.emerald.com/insight/content/doi/10.1108/17515630710684213 /full/html
https://www.ceotodaymagazine.com/2018/06/ceos-need-to-support-a- business-continuity-strategy/
https://www.linkedin.com/pulse/3-leadership-considerations-business-continuity-planning-jacky-wright
https://fortune.com/2020/09/28/covid-buisnesses-shut-down-closed/

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