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This responsibility is incorporated into the greater management process of the business, and what is also referred to as “Business Continuity Management”or BCM.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”.BCM is clearly described by the ISO to provide a framework for building organizational resilience, which will allow the organization to respond accordingly, in a way that protects the business, its reputation, and all other stakeholders.
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 $70,000 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.
Even the most loyal customers may be swayed out of their loyalties if the business fails to rise to the occasion.
Thus, more attention is put on business continuity planning (BCP), which puts the company in a proactive position in planning how to ensure that it will still be able to deliver its critical products and services safely and smoothly, while meeting its legal, regulatory, and other obligations.
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.
Of course, if profitability gets a major hit, this will also have adverse effects on business growth strategies.
Business disruptions usually lead to the company spending more on incidental expenses in order to do some damage control.
Organizational resilience means that the business can weather any storm and withstand any hits, and still remain operational, productive and profitable.
Being resilient means that the business is still able to recover and grow, bigger and stronger than ever.
Reduced finished goods inventory means reduced number of products to be sold, which will ultimately result to reduced sales and revenues.
What the company is looking at is a profit level that is much lower than their usual level of earnings.