Business Continuity Planning
Very often, there is some misunderstanding between business succession and business continuity planning. Many think they are the same thing with different names because they are often discussed and planned for simultaneously. However, although there are some similarities they are different. A business succession plan is a process for identifying and developing individuals, most often internal to the business, with the potential to fill key business leadership and ownership positions upon the retirement or transfer of company ownership. The succession plan usually takes place over an extended period of time. A business continuity plan is a plan to help ensure that business processes can continue during a time of emergency or disaster. Such emergencies might include a natural disaster, terrorist attack, or the premature death of an owner or key individual within the business. The event or combination of events prevents the business from operating under its normal conditions and standard practices. The continuity plan usually takes place over a shorter period of time. If your organization does not have a business continuity plan in place, start by assessing your business processes, determining which areas are vulnerable, and the potential losses if those processes go down for a day, a few days or a week. As you create your plan, consider talking with key personnel in organizations who have gone through a disaster successfully. People generally like to share their experiences and the steps and techniques they employed that were useful. Their insights could prove incredibly valuable in helping you to craft a solid business continuity plan.
Informational purposes only.