IT Business Continuity. Business Continuity refers to an organization's ability to keep vital business operations running at or near normal capacities in the event of infrastructure failure. These failures can be caused by human errors, power failures, application errors and a host of others that impact the ability of the infrastructure to properly support the organization. When speaking of Business Continuity the majority of the infrastructure remains in place and functional which is in contrast to Disaster Recovery.
While it may seem obvious that family businesses should prepare for a succession event, it's not always the case. In fact, until recently, most family businesses did not have any succession plans in place. As one can understand, planning for the transfer of power is extremely important. Although this is a long process that involves developing talent across the workforce, a good way to kick off the succession planning process is to review the key functional areas in one's company and create a basic succession plan for those areas. Using a succession planning template can greatly aid in this endeavor. Not only does it enable frank communication about succession plan, a succession planning template helps to visualize what can be an overwhelming subject. All in all, it is essential that family businesses address the issue of succession in all areas of the business and utilize templates that make understanding the process easier for all parties.