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Source control, or better known as revision control, is probably the most important tool for any person who works on live CMS systems. How often should I take backups? As a general rule, you should have a backup plan. This idea traditionally doesn't seem to be an affordable option. When it comes to emergency backups, various Vertualize Inc. team members carry on their own USB flash drives portions of critical data, and we store our data at 2,000 ft elevation in a fire proof safe one time per month. We are certainly prepared for any disaster.
While working with a CMS website such as Joomla!, we should start by discussing the most important backups, which are the ones that the user has access to and has the ability to restore from within the backend of Joomla! We prefer to use the Akeeba Backup system and take backups before each harsh change or at least every 30 minutes while we are working in team mode. In addtion to the manual backups, we also have an automated twice daily backup system in place that allows for roll backs to a previous working version as long as we become knowledgable of the corrupted site within 30 days.
Further than that, some development and coding teams will require version control such as subversion or a distributed version control system (such as Mercurial). Our implementation of FogBugz includes access to Kiln which can help us really fine tune the development of your software by allowing support tickets, billable time, documentation, and code changes all to be associated together in a single system that our whole team can access.