The first method is to copy the virtual machine to an external hard drive.
But of course, this isn't the best method for big enterprises, as it can consume a lot of time, and to keep your data safe, you should always follow 3-2-1 backup rule, which states that you must have 3 copies of your data on two different media (disk, tape, etc) with one copy stored offsite.
A good way to back up live VMware VMs and all application data safely is using third-party software. There are various options, like Nakivo Backup & Replication, Storware or Gheto.sh.

I like the this one https://www.nakivo.com/vmware-backup/, it's easy implement and to use, and offers image-based backups, incremental and application-aware backups, and long-term backup archival.