Business Continuity Issues

In an era of economic uncertainty within many Canadian industries, companies need to be prepared for all situations. They need to have contingency plans in place and be as prepared as possible for unforeseen circumstances within and outside of their industry.

Successful businesses have longterm plans in place not only for growth and development, but also for survival. They take the necessary precautions, diligently monitor the market and industry trends and are prepared to deal with business continuity issues as they arise.

What is business continuity?

Business continuity is a form of protection or security measures that are taken by companies to ensure that business is effectively carried out on a day-to-day basis in light of unwanted interruptions. Therefore, organizations work to make sure that business practices are functional and available to all facets of the business such as customers, suppliers and other components.

The principles of business continuity are based on:

• Standards and guidelines
• Internal policies
• System design
• Business development programs
• Procedures and protocols

Each one of these must be created to ensure no stoppage occurs, regardless of the situation. Daily maintenance tasks such as system backup, change management, and project develop all play a large role in the day-to-day insurance that all business functionality remains intact.

Business continuity versus disaster recovery

There is a common misconception that business continuity and disaster recover are the same concept. However, disaster recovery is simply a smaller component of the latter. The main difference between the two is that a business continuity plan cannot be enacted once a disaster occurs. Rather, it is the functions that are performed on a daily basis that ensure service can be maintained and business components could be recovered in light of a disaster occurring.

Business continuity issue planning and management

Business continuity planning and management plays a large role in a company’s ability to operate effectively at all times. Here are some of the most important components of continuity issue planning:

• Customer service
• Company and brand reputation
• Employees and partners
• Supply chain and logistics
• Channel of communication
• Financial stability

Business continuity issues for companies to consider

When it comes to ensuring that your company is effectively prepared for any situation, you can never be too prepared. While the issues that pose the biggest risk to your organization will vary based on your industry and the makeup of your company, the following are some of the most common business continuity issues that companies face:

• Economic challenges: While most companies were able to tread water during the first economic downturn, they need to be prepared for another one if it occurs.
• Socio-economic issues: With so many people out of work and with very few companies hiring, there is a considerable amount of pressure on companies to maximize resources in addition to concerns related to crimes against companies.
• New technology: New technologies such as cloud and the continuous transition to conducting business online puts companies in a position to continuously work on improving their current situation.
• Government regulations: Compliance with regulations is always a concern that companies need to be aware of to ensure they are not in violation.
• Mobile business: Mobile technology shows no signs of slowing down and companies continue the transition to integrating mobile solutions into current business practice to serve customers as efficiently as possible.
• Data security: With increased threats to data security from various sources, companies need to be prepared and have the necessary measures in place.