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Business & Finance

Business Continuity Plan

Business Continuity Plan

A business continuity plan, often known as a BCP, is a written document that outlines the backup procedures a firm will follow in the case of an emergency. As a component of the strategy, it has to identify key business areas and functions and the procedures that need to be taken to restore or protect critical business operations. The plan should be followed in the event of an emergency.

Some key business areas that should be considered are:

  • Development of a product
  • Marketing
  • Customer service is essential.
  • Finance
  • Human resources are crucial.
  • Sales

Each of the above will have different critical functions, but some examples could include:

  • Developing and maintaining a product
  • Generating leads and sales
  • Onboarding and servicing customers
  • Managing finances
  • Hiring and managing employees

In the case of a crisis, the plan must have protocols for restarting or maintaining essential firm operations. The following kinds of things could be included:

  • Developing a backup plan for critical functions
  • Identifying alternative suppliers
  • Creating a communication plan
  • Training employees on the plan
  • Ensure that the program is followed.

Once the business continuity plan is developed, it is essential to follow it in an emergency. This could include:

  • Communicating the plan to employees
  • Testing the plan regularly
  • Updating the plan as needed

Ideas for the post-launch stage:

  • Implementing a feedback loop will allow the business to gather customer feedback and use it to improve the product or service.
  • Increasing customer engagement will keep customers interested in the product or service. This can be done by hosting webinars or podcasts to generate interest and engage with potential customers.
  • Expanding the customer base will help the business reach new markets and generate more revenue.

For instance, If there is a fire in the office, evacuating the building is prioritizedThe second priority is to ensure that all critical business operations can continue. This may involve moving to a backup location, setting up remote access for employees, or taking other measures to keep the business running.

PESTLE analysis:

  • External factor: Economic recession
    -Mitigating solution: Diversify product offerings to appeal to a broader range of customers
    -Contingency plan: Cut costs by reducing the marketing and advertising budget
  • External factor: Social media platforms
    -Mitigating solution: Increase content marketing to drive traffic to the product website
    -Contingency plan: Hire a social media specialist to manage the online presence
  • External factor: New competitors
    -Mitigating solution: Differentiate product offerings through unique features or services
    -Contingency plan: Conduct market research to understand customer needs and wants
  • External factor: Government regulations
    -Mitigating solution: Stay up-to-date on changes in regulations and compliance standards
    -Contingency plan: Have a lawyer on retainer to advise on compliance issues
  • External factor: Natural disasters
    -Mitigating solution: Have a backup plan for shipping and production in case of disruptions
    -Contingency plan: Store inventory in multiple locations to reduce the risk of loss
  • The plan should identify essential business areas, functions, and measures to restore or maintain critical business operations in case of a catastrophe.
  • To ensure that the plan is followed, all of the staff members should have input into its creation, and it must undergo regular inspections and be kept up to date.
  • It is essential for a product or service to undergo ongoing development and expansion of its customer base beyond the point at which it was first introduced to the market.
  • One way to improve the product or service is to implement feedback loops to incorporate customer feedback into future iterations.
  • Another way to expand the customer base is to identify new target markets and develop marketing plans explicitly addressing how to reach these new customers.

Reference

Muflihah, Y., & Subriadi, A. P. (2018). An essential element of its business continuity plan: systematic. Jurnal Informatika, 12(1), 17-23.

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Question 

Scenario

The funding pitch went exceptionally well, and you just received word that your idea for the new product/service has been approved. Senior management sent a memo, company-wide, announcing the project.

Business Continuity Plan

Business Continuity Plan

One line in the memo caught your attention: “We are eager to see the project to completion and the many other product offerings to come from this initiative.”

You reach out to the project manager (PM). You are told that, typically, senior management expects to see product/service extensions or some next steps stemming from an original product. This could include different versions of the product/service, such as cheaper or premium versions, new targeted customers, and more. The PM also adds that senior management will look for contingency planning to protect the funding for the project.

Prompt

For your business continuity plan, consider your next steps, including project improvements and how to mitigate risk to the project to protect the product investment. To accomplish this, it would be best to leverage employee and customer feedback on the new product/service. Additionally, research the market and use a PESTLE analysis to examine if any external factor could affect your new product offering.

Specifically, your plan must address the following criteria:

  • Business continuity plan: Outline a basic business continuity plan for your business that identifies key business areas and critical functions and determines at least one measure for recovering or maintaining essential business operations in case of an emergency. Include how you will ensure that this plan is followed.
  • Post-launch stage: Propose new ideas for the post-launch phase, including one idea for a product/service improvement you plan to implement after the initial launch and one for increasing your customer base or engagement after the initial launch.
  • Feedback loops: Explain how you will implement feedback loops for your product or service.
  • PESTLE analysis: Use PESTLE analysis to identify at least one external risk factor that may affect the project. Then provide a solution or contingency plan for mitigating that risk.

Guidelines for Submission

Submission must be a 1- to 2-page Word document. Any sources cited should use APA formatting.