Every business entails risk. There are many unknowns involved in your business's journey, and being prepared for them can potentially save you from disaster or the threat of seeing your business fail. In addition to offering quality products and services and an effective business plan, it also pays to prepare for the worst. With that said, it is essential to know what BCMS is and how it benefits your organisation.
What is BCMS?
BCMS stands for business continuity management systems. The purpose of having one is to maintain business processes and procedures and ensure business continuity regardless of market conditions. Four distinct parts make up a BCMS, and they are explained in more detail below:
The first principal component of a BCMS is the Plan. The purpose of designing a plan is to have a clear and precise objective for your business organisation. This will outline what you want to do and the steps you will be taking to achieve that. A plan precedes action in any organisation. It is crucial to stay on track even when challenges arise.
The second major component of a BCMS is the Do stage. This part of the process is all about action and implementation. This is where you will execute your plans.
The third major component of a BCMS is the Check stage. The purpose of the checking stage is to ensure that all members are functioning efficiently. The aim is to ensure that any of the above action steps executed are appropriately monitored and deliver the results you want. The process of checking and monitoring will provide insight into whether the action steps you have outlined are working or not. Every level of the organisation must be involved in the checking process – from the employees to the managerial level.
This component of the BCMS should not be confused with the Do stage. In the Act, your goal is to maintain results or improve (where improvement is needed). If aspects of the business continuity management system are working, they should be held. This will bring you closer to your business goals. On the other hand, if there are lacking areas, they must be improved. This step will also enable you to get rid of any obstacles preventing you from reaching your goal. The Act stage relies on the feedback sustained from the previous step – Check.
When it comes to implementing BCMS, the size of your business or your niche of specialization is irrelevant. The goal is to establish harmony within your organisation to achieve a sense of structure and develop a company culture. These are elements that are crucial to the success of any organisation.
Key Benefits of BCMS
What is BCMS, and why do you need it for your business? Here are some reasons you need to develop BCMS for your organisation and ways to benefit from it.
1. Protection for your business assets and profits.
An efficient business continuity management system enables you to protect your revenue stream. If you can keep your business functions going, you can utilize your business assets to generate profits. It will also help to hedge your organisation from the potential loss due to the occurrence of a crisis or disastrous event.
2. Automate business continuity functions.
Having a BCMS within your organisation is crucial to automating your essential business functions. Many organisations use BCM software applications to save time and maximize their limited human resources during times of crisis. The automation process is one of the shifting trends in the business landscape. More companies are opting to automate business continuity functions to utilize resources more efficiently and manage costs.
3. Align best practices with international standards.
The use of BCMS is a great way to make sure that your business continuity practices are aligned with international standards. Some organisations set these standards for which businesses of all sizes can cope in the best and most efficient way possible.
4. Respond to the crisis in confidence.
In connection with the above, a good BCMS is beneficial to an organisation because it allows you to respond to crises confidently. It is designed to outline the Plan of action your organisation and its members must take in a time of crisis. With these action steps in place, you know exactly how and when to respond when disaster strikes. You can manage business continuity confidently because you have studied all workable solutions and scenarios. This is a crucial step as you slowly work full business recovery.
5. Ensure continuity of business processes.
The ability to continue your business processes and operation is vital in helping keep your income flowing. It also demonstrates competence and promotes confidence with your business partners, investors, and customers when you can sustain business operations despite the crisis. Therefore, a good BCMS is a valuable tool to leverage to gain a competitive advantage. Your ability to respond to crises can significantly enhance your corporate reputation.
6. Measure and assess performance.
Implementing your BCMS is vital to your ability to measure corporate performance. Creating a BCMS requires constant evaluation and analysis to determine if the system is working correctly. This step enables you to measure your business's performance and tweak it wherever necessary. It is essential in improving your current business functions and making your organisation future-proof.
It is not enough for your organisation to know what BCMS is – you need to aspire to align with the international standard best practices. This will assure your organisation that you can obtain the maximum benefits of business continuity and give you a competitive advantage as you work towards making a full recovery.