Business Resilience – For your business, you have plans for short term and long term business growth, expansion, marketing, product development etc, but as a business manager, have you ever prepared a business resilience plan? Any type of business small, medium or large can face disaster any time; do you have any continuity plan from there after?
One such tool to meet the above challenge is the – Business Resilience Planning.
What is Business Resilience?
Before describing what business resilience is, it is important to know the meaning of the word – resilience. Resilience simply means bouncing back from some serious tragedy or problem. Business resilience hence is the process of getting your business back to shape in the face of any sudden adversity, disaster, disruption or threat.
The best business resilience plan has in it the following features – crisis management, risk management, business continuity, compliance and disaster recovery.
Sudden adversities can be divided mainly into three types –
Event specific – Includes natural disasters, manmade disasters like war, power failure and economic crisis etc
Business specific – Includes Audit