This is the second part of a two-part blog series. The first blog entitled ‘Benefits of business continuity: Part 1’ covered two advantages of business continuity which included the maintaining of continuity in business processes and operations as well as the increasing customer and employee confidence. This blog will continue to explore the advantages of having a business continuity plan in place.
Here are some more advantages to having a business continuity plan in place:
Creates a better understanding of business processes
When implementing a business continuity plan, businesses usually have to provide detailed documentation or reviews of business processes. This means that all business processes are thoroughly reviewed and explained in detail. This, therefore, gives those compiling the documents as well as those who read the information a much more in-depth and detailed understanding of the business process which they ordinarily would not have.
Helps business meet regulatory requirements
Across the globe, corporate governance regulations state that business leaders have the responsibility to exercise reasonable care as well as skill and diligence in order to mitigate potential risks to the company. Therefore implementing a business continuity plan is actually a part of best practices of a business. Even if your business doesn’t have specific regulations that it is expected to adhere to, putting a business continuity plan in place is proof to shareholders, customers and other companies that you’re running your business responsibly.
Creates a competitive advantage
With a business continuity plan in place, your business will be in a better position to recover from any disaster or incident that it is faced with, unlike your competition without a business continuity plan. Customers and shareholders will always choose a safer and more stable company to do business with. Therefore with a business continuity plan as proof of your safety and stability, they will be more willing to become supporters of your business.
DQS South Africa is your local business solutions partner, offering solutions that work for your sector. We form part of an international network dedicated to ensuring compliance and business conformity. For any questions about our services or to contact us, please visit dqs.co.za.