Paul Randal had the following to say about database backup and recovery in his interview with .NET Rocks.
Don’t ever, ever plan a backup strategy. Plan a restore strategy.
The point of a backup is to be able to restore data when necessary. That sounds obvious, but it’s easy to lose site of. Too many companies backup their data, or think that they back up their data, but don’t have much of a recovery plan. Or they have a recovery plan but they haven’t rehearsed it. Until you rehearse your recovery plan, you don’t know whether it’s going to work, you don’t know how long it’s going to take, and you don’t know whether you need to invest in hardware to speed it up.