Obviously no business wants to face unforeseen emergencies, but the truth is, they can and do happen. The key is to be prepared with a well-thought-out plan that you can put into immediate action should a disaster occur. From offsite backups to standing up cloud servers to virtualizing your server, it’s important to be equipped with the tools and strategic consulting you need to keep your business running efficiently — even in the face of crisis.
That’s where a Business Continuity Plan (BCP) comes into play. This should be established well before an emergency hits so that you can implement it on a moment’s notice. That’s why you should get started on one now.
Simply put, a BCP is a document that spells out the critical information an organization needs to be able to continue to operate during an unplanned event. Those unplanned events and business disruptions could range from a natural disaster or pandemic to a cyber attack or even human error. A strong BCP will cover all those possible risks to ensure the health and reputation of your organization is preserved no matter what, decreasing the likelihood of an expensive and inconvenient power or IT outage.
Such a plan will state the essential functions of your business and identify which processes and systems must be sustained, as well as include details about how to maintain them. Many companies task their in-house IT administrators with the creation of this plan. However, we believe this important job is best left up to a third-party risk mitigation and disaster recovery firm like Cardinal Technology Solutions. Such a firm can not only create the initial BCP but periodically review it and make necessary changes as the business evolves and various threats emerge.
Why You Need a Business Continuity Plan
From decreases in downtime to maintenance of financial viability, there are many benefits associated with having such a critical plan in place. This type of proactive process ensures that all key members of your organization understand the risks, threats, and weaknesses the company faces so that swift action can be taken when and if the time comes.
Here are the top benefits to having a BCP. Business continuity planning:
- Reduces costs and duration of disruptions
- Ensures trading can still take place during and after an incident
- Helps your business recover operations more quickly after any interruption
- Mitigates risks and financial exposure
- Safeguards company reputation
- Fosters confidence within the company
- Ensures compliance with regulatory and legal requirements
- Prevents otherwise unacceptable risks
- Saves lives in the event of a dangerous situation, such as a fire or natural disaster
- Builds customer trust and confidence
Protecting Your Business For the Long Haul
Protection of your business is the top reason you need a business continuity plan. The Federal Emergency Management Agency says that 40 percent of small- and mid-sized businesses never reopen after experiencing a natural disaster, and 25 percent do reopen yet fail within a year. The aftermath of cyber attacks is even more alarming. According to the Harvard Business Review, the average cost of a data breach in 2022 was $9.44 million in the United States.
A strong business continuity plan is able to reduce risks during a crisis, ensuring your company can continue to provide goods or services as well as earn income. This is cemented by a detailed plan of response both during and after an incident. Sadly, the question is not if but when a disruptive event will occur, whether that’s a natural disaster or a data breach.
A well-formulated BCP helps organizations like yours address the following issues before an event takes place:
- Prevent Panic: When disaster strikes, people tend to panic. Having a proactive plan in place beforehand can ensure a safe and timely recovery, not to mention a calm and well-thought-out one. You are better able to quickly execute a response when you have already identified sensitive and critical functions beforehand.
- Insurance is Not a Cure-All: While you may have insurance plans for healthcare, equipment, or vehicles, the truth is that insurance cannot possible cover the loss of customers who may go elsewhere when you are unable to fulfill orders. Insurance also can’t reimburse you for a hit to your reputation.
- Investment in Your Company: Yes, a BCP may incur initial costs due to creation of the plan, training, and equipment, but you have to view it as an investment in the future of your company. Peace of mind is invaluable, especially in today’s uncertain climate.
Request a Quote on a BCP From Cardinal Technology Solutions
The team at Cardinal Technology Solutions can work with you to develop a unique business continuity plan for your business. Get a free quote today on our business continuity and disaster recovery services throughout Winchester, VA.