As exciting and thrilling as it is to run a business, there is no denying that there is underlying volatility that defines it. At any time, you can run into hiccups and disasters that can cripple your business in no time.
The situation is even more precarious nowadays. With every new invention in technology, both hardware and software, new ways to counteract it are also emerging by the hundreds. It is important that business’s utilise a leading managed IT service provider, such as Inteck IT, to employ such counteractive solutions.
An ironclad continuity plan is vital for any business. But just how much value does it hold for your business? Let’s find out.
What is a business continuity plan?
It is essentially a process or a plan that is set in place to mitigate risks and potential threats to a company and how to recover from it. The threats that are identified in the plan include:
- Natural disasters – Flood, fire, earthquakes, and unfortunate events related to weather
- Theft – Covers both internal and external theft of materials as well as information
- IT-related – Cyber-attacks, data corruption, IT outage, and misconfiguration
- Others – Pandemics, epidemics, war, terrorism, and sabotage
The plan covers both companies’ personnel as well as assets. It also aims to maintain usual operations while the plan is under execution. A business continuity plan is also known by other names, including resiliency planning and business continuity planning or BCP.
An effective BCP is characterised by:
- Identification of critical business functions
- Determination of recovery time
- Completion of risk assessment
- A backup plan for both technology and personnel
- Key personnel in the plan are efficiently trained
- The plan that has been tested and tried for efficacy
Reasons why you need a business continuity plan
BCP is not only set in place to minimise damage and threats. Other reasons why it can benefit your business include:
Buffer your business from disasters.
The frequency and the severity of threats are increasing with every passing day. Whether it is natural disasters or technology related, the level of danger is even more frequent.
According to the University of Maryland, there is a hacker that has breached security successfully, every 39 seconds. That is about 2244 hacks in 24 hours, which is unthinkable. There is no time to relax your guards and think that the current technology in your organisation is enough.
With a reliable and actionable business continuity plan, you can safeguard your business from potential hacks and stay ahead of the hackers.
Keep your revenue steady.
You cannot just rely on insurance to keep your organisation protected in today’s age. There are some areas of your business that may not be covered by it. In addition, any type of disruption in your business means that your clients will move to your competitor. This translates to your loss of revenue.
Another way you can lose profitability is through data breaches. According to a report from Security Intelligence, the global average cost of a data breach in 2019 was about $3.92 million. Considering that there are numerous other forms of cyber threat, the amount of financial loss is impossible to comprehend. This means that many companies are paying a devastating price for not having a business continuity plan.
With an effective BCP, you have the resources, so you don’t compromise your productivity. So irrespective of the circumstances, your business’s revenue maintains a steady pace. And of course, you save a lot of dollars from salvaging and counteracting a data breach.
Retain your credibility with clients.
With so many competitors in the business world, consumers and clients are spoilt for choice. This has also made them very fickle. According to one study, more than 90% of companies take up to five days to get back in action. This is more than the time that clients need to move to another business. And this is also the reason why many companies are out of business within a year.
Since it is much harder to gain one client than to retain an existing one, you are suffering serious loss. Apart from some clients moving away, the chance of the existing ones developing negative sentiments about your organisation’s capability increases considerably.
But when you have an excellent business continuity plan in place, you can bounce back quicker. Even if you take a hit, you are able to resume your services within a day or two, which creates a sense of trust and reliability with your clients.
Stay ahead of your competition.
The percentage of business that relies on technology, including security, transactions, and communication, among others, is staggering. Up to 85% of business owners require IT services on a daily basis.
Conversely, the competition is cutthroat among the IT service providers. It is estimated that the IT industry is worth $5.2 trillion by 2020. So, if you think that you can get by with a less than a stellar solution, you will be in for a rude shock. Inteck IT will ensure that your business is provided with leading-edge solutions that are up to date, so your business can stay ahead of competitors. Give us a call on 1300 39 65 65 for a free IT consultation.
A business continuity plan is not just to identify the risks and develop solutions to counteract them. It is a continuously evolving process that will help you salvage losses and, in turn, emerge a winner in the competition.
For every business to stay in the game, a business continuity plan is paramount. Businesses must utilise IT service providers, as they can provide effective solutions which will result in immediate assistance in case of a technological disaster.
A business continuity plan is far from a short-term solution. It is a long-term solution that aims to safeguard your company from all types of threats, whether internal or external. It is the best way to build trust with clients, boost your companies’ morale, and ultimately provide an effective and fast solution in times of emergency.
If your business lacks an updated business continuity plan, give us a call on 1300 39 65 65. We can organise your business’s IT solutions for you so you can get back to doing what you do best!