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We usually hear of these precautions in the form of disaster recovery planning, which is primarily focused on the restoration of a firm’s IT infrastructure and IT operations.
Some of the most likely effects are: When a retail store does not open for a week, the potential income that it usually earns in a one-week period is gone.
Similarly, when a manufacturing plant is unable to operate even for a couple of days, the company will not be able to produce the average output of finished goods for distribution.
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.
Incidentally, if the factory workers are paid on a monthly basis instead of on an output basis, they will still be paid their regular compensation rates.
This, on top of the lost revenue, will further cause a drop in the profits of 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.
As a management process, BCM involves several key activities: In recognition of the reality of the economic and business landscape being unpredictable and volatile, businesses are now taking a lot of precautions to ensure that their operations will still stand a chance against unexpected disruptions.
Soon, the business will be unable to do anything except watch helplessly as its customers shift to the competition while it is still in the middle of figuring out how to deal with the fallout of the crisis that caused the interruption of business operations.
The reputation of the business will be on the verge of ruin.