In a crisis situation if you want to keep your business downtime to a minimum then you need to have both business continuity and disaster recovery plans.
These two plans may sound identical, but they are two entirely different strategies to safeguard your business from disruptions like natural disasters, power outages, and cyber attacks, etc.
Both the plans are equally important as any other business plan for the growth and success of your business.
Business Continuity Plan (BCP)
A business continuity plan is the set of actions your business needs to take in case of a crisis that will keep your business running.
Having a matured and reviewed business continuity plan helps in making sure that your business doesn’t come to a standstill in case of disruption.
A business continuity plan should solve problems before they happen, lessen the impact of problems that crop up, and get business back to normal with as little downtime as possible.
Disaster Recovery Plan (DRP)
This is a subsection of business continuity planning. It covers restoring critical functions of a business after a crisis. Those systems are mostly communications, hardware, and IT assets. A disaster recovery plan is to ensure minimal business downtime and focuses on getting technical operations back to normal in the shortest time possible.
Disaster Recovery Plan is very critical for small businesses. It is observed that 90% of the small businesses without a disaster recovery plan will fail after the disaster.
Why both are important
Though BCP & DRP look similar, the difference is the time you put them into action. A business continuity plan is the steps you follow to keep your business open and functioning during a crisis. The disaster recovery plan is what happens after the crisis has passed, and you need to get business back to normal. They are two separate plans, but the overlap strengthens your business during a disruption.
Creating two plans depends upon your business priorities. You should analyze how long you can wait to get your business back into full operations. The loss of business during that time can be weighed against the costs of business continuity and disaster planning and execution.
With ongoing COVID19 pandemic, this exercise becomes more relevant and necessary. Engaging a reliable BC partner and consultant would address this need in a cost-effective and compliant manner.
Watch this video to know more about Business Continuity Planning: