Have you ever wondered if your small business needs a business continuity plan? What happens to your small business if a disaster like earthquake or tornado hits? And what if a power surge or theft results in complete data loss?
These are some questions which you, as a small business entrepreneur, should always consider if you wish to keep the business stable and going. Preparing for the worst-case scenario is what small businessmen do, irrespective of the size of the business.
The following are some of the reasons why your small business needs a business continuity plan.
- Cost Savings
You cannot prepare for all disasters. However, if your employees or customers lose access to business data, the results can be as worrisome as losing the entire business. This may sound obvious. However, still many small organizations do not prepare for downtime.
A strong business continuity plan makes sure that you do not need to spend money on recovering data, doing repairs, or calling insurance vendors. Additionally, it ensures that you are back in the business in the shortest time possible with the minimum loss.
In other words, creating a business continuity plan does not cost a fortune, but can result in major cost savings and hence the prosperity of the business in the long run.
A well-made business continuity plan prevents chaos. If the employees follow the protocol, a disaster can be overcome without any hassle, even if you are not present at the business premises physically. In the event of a disaster, your employees can seamlessly move to another location and continue working as usual.
There is less disruption and your business operations do not come to a complete halt. This means that with a business continuity plan, your business continues to go on, irrespective of the challenge.
It is a known fact that a credible and reliable reputation is key to a successful business. If your customers know that you have a business continuity plan, it would aid in building confidence and trust in them. It improves the reputation as well as image, and brand of your organization. Further, your stakeholders get a message that you have a safe, resilient, and reliable procedure in place.
To summarize, a business continuity plan ensures that your customers feel confident about the continuity of your business, no matter what happens.
- Peace Of Mind
Don’t we all want to have the peace of mind when doing other important business operations? The knowledge that effective measures are in place to backup and protect your business gives you total mental satisfaction. You know that your business is safe in the events like a cyber attack and natural disasters.
Therefore, having a continuity plan is important, especially in case of a small business, where you would like to focus on more important operations than to worrying about loss of data and downtime.
- Regulatory Requirements
No matter how far you ignore the importance of a business continuity plan, there are some business areas, in which regulatory demands are high and it is a mandate to have a business continuity plan. These areas include utilities, insurance, public transport, some time-critical government functions, financial services, and more.
Thus, if you operate in any of these industries, to stay out of any legal troubles, you must have a recovery plan in place.
Leona is part of the content and community team at Specialty Fuel Services – providers of emergency fuel continuation services, in locations affected by catastrophic events.