IS YOUR BUSINESS PREPARED FOR POTENTIAL DISRUPTIONS OR LEADERSHIP CHANGES? MAY 2023
Business continuity refers to the ability of a company to continue its operations even in the face of unexpected events or disruptions, such as natural disasters, cyber-attacks, or other crises. Business continuity planning involves identifying potential risks, developing strategies to mitigate them, and implementing processes and procedures to ensure that the business can continue operating even during a disruption.
Business succession, on the other hand, is planning for the transfer of leadership and ownership of a company from one generation to the next or from one owner to a new one. This process involves identifying potential successors, preparing them for their roles, and implementing a plan for the transition of leadership and ownership. Business succession planning aims to ensure the business’s continuity and operations after the current leaders or owners retire or leave.
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