Business Continuity Planning

In today’s time companies in the IT and non-IT domain face a large number of exposures which were not known before. While the complex network of technology and client services is becoming bigger, both trends leave operations like Bitstreet vulnerable to risks. The only way to avert these risks to the continuity of the business operation is by having a strategy for business continuation.

Business continuity planning is one of the most important parts of any strategy for recovery from unpredicted hurdles in the business flow.

Consider the following for a BCP:

1. Checklist the primary functions required to keep the operations going.

2. Easily approachable management blueprint.

3. Inter departmental organization.

4. Explanation of personnel action in case of a hurdle.

5. Detailed directions to data backups and online data backup.

6. Company threats analysis.

7. Feedback from everyone who is a part of the company.

We realize that a BCP is a matter of competitive advantage. Surveys show that as many as 50% of business owners don’t have a plan for business continuity. This simply means that BCP is more than a business policy for us. An assurance that BSTPL client and operations will firstly avoid and secondly recover from all sorts of interruptions, property damage, financial meltdown or any disaster, in the blink of an eye.

The ideal time to develop a BCP is when the company operations are not going well. Well before a major hurdle actually shows up. A good BCP being one that expresses how your businesses will respond during an event, will help reduce risk and remain as an investment that the company is glad about.

Three Don’ts :

1: Upon emergency the staff would know what has to be done
Never depend upon such a premise. The best and most experienced of workers
may not know what has to be done when a problem crops. Further, not knowing which worker takes lead at recovery will cause problems.

2: We will cover our losses with insurance Having an insurance cannot be the base of a BCP. In most cases some of the outer aspects of your business operation such as market share and customers will not get covered by insurance. Go through your insurance policy to understand the extent to which is supplements your BCP. Re-align the policy if you feel it is not complete.

3: No time for a BCP We at Bitstreet have a lot of time to spend on things that keep us and our clients safe in the world of cryptocurrency, finance, IT services and solutions. To us, this time spent is an investment in the company and its values. We see that a well written business continuity plan and training of employees in that plan gets everyone ready for an operation on the long run. Once a long run vision is secured. Things become better and bigger for the company and for everyone associated.

Kindly note that a BCP is different from a recovery plan. BCP is a proactive plan to avoid and reduce potential problems that may cause operational disruption.