Could your business recover without a business continuity plan?
Many businesses are unprepared to respond to a man-made or natural disaster. Small businesses are especially at risk. So what is it that keeps companies from developing a business continuity plan?
It’s a beautiful day. The sun is shining, birds are chirping, and life is good. Until that moment your company’s servers crash due to a massive cyber-attack. Now what?
Many businesses are unprepared to respond to a man-made or natural disaster. Small businesses are especially at risk. In fact, statistics show that 1 in 4 businesses that close due to a natural disaster will never reopen.
So what is it that keeps companies from developing a business continuity plan?
1. Our business isn’t at risk.
Truthfully, every business is at risk no matter its’ size. Weather, natural disasters, and cyber-attacks among many, can all impact businesses negatively without preparation.
2. We’re too small to need a formal plan.
Most small businesses operate from just one location, which makes them even more vulnerable than large companies that can spread their risk across multiple regions, often with different weather risks.
During stressful times, it’s hard to remember priorities and make important decisions without any preparation. The smaller the business, the more important it is to have a plan in place, as many do not have the luxury of support from a complete department or even a full-time employee that can focus on disaster response.
3. We back up all of our data, which is definitely more than enough.
That’s great! However, data backup is just one element of an IT continuity plan, which should also include hardware, software, and communications systems. It’s important to include all of your operations that require any IT systems.
4. We have way more important priorities.
Your business priorities are unique however, the risk of losing customers while coping with a possible disruption should be every owner’s number one priority.
By having a business continuity plan in place, you build customer trust and confidence as it ensures a quick recovery and the ongoing ability to maintain services after a disruption.
Who doesn’t like a competitive advantage?
5. We don’t have the time, money, or experience to create a plan.
Effectively crafting a business continuity plan doesn’t require a big budget or special training. In fact, most people who end up business continuity planning usually fall into the role without any prior experience.
For a step-by-step guide on creating your business continuity plan, visit our Risk Management Resources. A business continuity plan is an essential and crucial element to have in place when it comes to preserving the longevity of your business.
For assistance in crafting your own business continuity plan, reach out to your SECURA Risk Management Consultant.