What Are Business Continuity Plan Stakeholders?
A business continuity plan is an official plan written down in a manual that has the purpose of providing methods and resources to a business so it can survive natural disasters, various calamities such as fire and crime, and the death of key persons, and remain in business.
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Small Business
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Many small businesses are family owned and the livelihood of the entire family depends on the continuation of the business. A small business also often occupies an important role in a local community, providing special services to neighbors and supporting local causes.
Vendors
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Stakeholders in a small business include not only its employees, who may be family, but often its vendors and suppliers, which may be small businesses themselves and likely to suffer along with their client businesses.
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Big Business
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A big company is likely to have shareholders who have invested their money in the potential for growth presented by the company. While their investment may be at stake, the livelihoods of the employees of that company and its vendors and suppliers will also be hurt by a disaster affecting the company.
Communities
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Communities served by a large company are also stakeholders. Customers in the community depend on the products and services supplied by the company and the municipality depends on the tax revenue from that business.
Considerations
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All the owners, employees, vendors, suppliers, customers, and municipalities are stakeholders in a business continuity plan. Even the local Little League teams and charities are stakeholders because they depend on the company for regular donations.
Significance
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The more detailed and careful the thought put into a business continuity plan---including not just insurance but alternative locations, assigned responsibilities and lists of things to be done in a variety of circumstances---the more likely it will be that the business will survive to continue to support its stakeholders.
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- Photo Credit Image by Flickr.com, courtesy of Steve Jurvetson
