What is Business Continuity?

Posted on June 7, 2008
Filed Under Business Continuity |

What is business continuity?

Business continuity strategy is about protecting your business, the assets of your business and the successful functioning of your business during a change of executive leadership. It entails a number of strategies to identify talents and strengths within your organization, train up qualified leaders to fill executive positions and ensure that corporate culture and performance is maintained during transition.

Business continuity planning is not just about IT security and disaster recovery, despite the fact that a majority of current research focuses on this aspect. One of the most important steps in maintaining long term stability comes with developing future leadership through executive mentoring and training.

Some other primary aspects of a solid business continuity plan include:

Ensuring effective knowledge transfer to avoid a loss of expertise during a change of executive leadership;
Assisting in identifying qualified executive replacements within a corporation;
Developing plans for identifying and cultivating talent within a company;
Identifying and cultivate opportunities that provide incumbents with knowledge, exposure and experience;
Creating systems of checks and balances between boards of directors and rising leadership;
Identifying core competencies and ensure that they remain a priority under incumbent oversight;
Preparing emergency management strategies to prevent discontinuity in the case of sudden leadership change or executive departure;
Establishing strong management structures to support the business as generations retire.

Whatever your strategy for long term success, the key is just to have one in place. With a rapidly changing economy and workforce, now more than ever executives can’t afford to be unprepared. For more information about business continuity planning and developing your leadership pipeline, click here.

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