business continuity

5 Risks of Not Having a Business Continuity Plan

What would happen to your business if there was a disruption to operations? Would employees know what to do to get systems online? How much would downtime cost the business? If you’re not sure, it’s time to consider putting a business continuity plan in place. The plan helps get systems back online. Employees know what to do in case of manmade or natural disasters. Most importantly, a plan saves your business time, money, and reputation.

The elements of a business continuity plan include:

  • Risk assessment to understand impact of interruption.
  • Clear, precise, and tested recovery procedures assigned to specific stakeholders.
  • System to secure, backup, and restore data.

What are the risks of not having a business continuity plan?

Without a business continuity plan, your business is at risk on a number of levels.

  1. Financial Risk. One of the biggest costs of disruption is financial. Ransomware attacks cost businesses thousands, if not millions, of dollars per year. Not to mention lost revenue and reputation management. Not having a business continuity plan in place means you’re risking your entire business. Invest now for a better tomorrow.
  2. Data protection. If a server failed, how quickly could operations be back up and running? If you’re not sure, it’s time to consider business continuity planning. Without a data protection plan in place, data is at risk. Protect data by ensuring there is a system to secure and back up company information, especially in case of a disaster like server failure.
  3. Disconnect with remote workers. When companies had to send employees to work from home during the pandemic, many didn’t have the infrastructure and hardware in place to make the transition. To make sure remote employees have access to the data and resources they need, they need accessibility. Your organization needs a plan to ensure workers can easily transition to and from the office and remote locations. A business continuity plan can help by making sure VPN, VOiP, and other systems are in place and running at all times or can be easily restored in case of interruption.
  4. Loss of reputation. One negative review online can easily be resolved but a full company shutdown can be disastrous to your company’s reputation. If your customers can’t reach you or your customer service team doesn’t have a plan of what do in case of interruption, it can take a long time and a PR campaign to recover. Don’t risk the reputation of the business you created and have a business continuity plan in place.
  5. Insurance doesn’t cover everything. While business interruption insurance may cover some expenses in case of disaster, it doesn’t typically cover deaths or federal violations. It also may not cover loss of reputation. Mitigate risk and talk to Panurgy about a business continuity plan for your business. It’s not a matter of if but when a disaster will strike.

Don’t risk your business. Plan ahead for disaster when you have a business continuity plan in place. Get started with Panurgy today!