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When drawing up their business plans, they see their business continuing to exist and operate in the many years to come.
Reduced finished goods inventory means reduced number of products to be sold, which will ultimately result to reduced sales and revenues.
What the company is looking at is a profit level that is much lower than their usual level of earnings.
We usually hear of these precautions in the form of disaster recovery planning, which is primarily focused on the restoration of a firm’s IT infrastructure and IT operations.
This view is rather limited, when you look at the bigger picture, since a business and its operations are more than just its IT infrastructure.
Other businesses will have apprehensions about continuing any partnership they have with the company, and they may even consider severing any ties they have with that business.
This will definitely make recovery more difficult for the business, even long after the crisis has passed.
The International Organization for Standardization, in ISO 22300, defined “business continuity” as the capability of an organization to continue the delivery of its products or services, at acceptable predefined levels, following a disruptive incident.
It implies the responsibility of the business owners and management for the business in ensuring that it stays afloat and “on course” despite any obstacles or stumbling blocks it encounters along the way.
Some of the most likely effects are: When a retail store does not open for a week, the potential income that it usually earns in a one-week period is gone.
Similarly, when a manufacturing plant is unable to operate even for a couple of days, the company will not be able to produce the average output of finished goods for distribution.