Why Every Business Needs to Have a Business Continuity Plan
Natural disasters ae quite rare in the UK, thankfully, but this means that many businesses, small and big, often overlook the need for a business continuity plan. However, rare doesn’t mean non-existent.
In 2015, London’s Holborn suffered a serious disruption after an underground fire broke out due to an electrical fault in the Victorian tunnels. It damaged a gas main which ruptured, fuelling the subsequent fire. Five thousand people were evacuated from the area and it took firefighters 36 hours to put it out the fire. The incident caused severe disruption to everyone working in the area, including lawyers and judges at the Royal Courts of Justice as well as many business professionals. Work couldn’t resume for days due to gas and electricity damage.
Incidents like the one described above are comparably rare however they are also an opportunity for businesses to see how they are able to function in the face of disruption. But it’s not just natural disasters that businesses need to be cautious of. So many rely on extensive IT services in order to function daily, or even offer IT as their main business offering, and this too is not infallible. Consider what would happen to your company if you experienced a power outage or one of the increasingly common cyberattacks.
Could your business continue to function as normal? If the answer to that question ranges from ‘not sure’ to ‘definitely not’ then your business needs a business continuity plan from Sungard AS.
A business continuity plan is a set of actions and instructions for your company and staff to undertake during any disruption so that you can continue working and recover as fast as possible, minimising revenue loss.
But that’s not all – a business continuity plan comes with many other benefits that we’re going to take you through below.
Build confidence amongst customers and employees
Being transparent with your customers about your ongoing efforts to secure your business will show a high level of commitment to provide the best service. It demonstrates an awareness of potential disruptions that customers appreciate above the idealistic approach. This is similarly applicable to your employees; they will feel more prepared to deal with a range of issues, from small daily niggles that could snowball into big problems later to actual large-scale disruptions. Equipping your staff with a sold and tested business continuity plan ensures that your business can function at its best.
Successful business continuity plan will help your business to mitigate a range of business and financial risks. Loss of revenue is one of the worst outcomes of unforeseen disruption but it’s not unavoidable with forethought and planning. You can even think of budgeting in a special emergency fund to cover expenses, so it doesn’t affect your bottom line.
Gain a Competitive Advantage
If a client is choosing between two clients, one with a business continuity plan and one without, it’s more likely that they will be swayed with the promise of continued service. You can use a strong business continuity plan in your marketing in order to gain a competitive edge over your competitors by offering a clear path to recovery and assurance of service or good delivery – no matter what.