By adopting the standard you are committing to show you can meet the above requirements with a documented management system.  The standard is aiming to get you to identify everything that is critical to you, your business and most importantly, your customers, and making sure you have a method to deliver on these critical items.

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‘Hit by a Bus’ test - As a business owner, Leader or prominent manager, if you were suddenly unable to attend to your business (i.e. you were hit by a bus) could the business continue without you?  By formalising your systems, you have a documented method for undertaking the critical functions in your business that hopefully others can follow.