Small businesses often put off developing a business continuity plan—and many believe they don’t even need one. This leaves you vulnerable to a host of risks that could disrupt your business operations or even close the doors for good.
Myth 1. We are not at risk.
Small businesses are at risk. Statistics show 1 in 4 small businesses that close due to a disaster will never reopen without an effective plan in place. Small businesses are located in every region of the UK and are vulnerable to the same risks—such as severe weather and technology disruption—that affect people and places across the country.
Also, statistically, small businesses often fail to identify potential threats and underestimate the severity of a known potential threat.
Myth 2. We are too small to need a formal plan.
Most small businesses operate from a single location, which makes them more vulnerable than large companies, which can spread their risk across multiple regions.
Though small businesses may not have many employees or as much equipment, the cost of downtime is high—by one estimate, £3,000 per day of disruption. Also, during stressful times, it is often difficult to remember priorities and make important decisions without advance preparation. The smaller the business, the more important it is to have a plan in place, as many do not have the luxury of supporting a complete department or even a full-time employee that can focus on disaster response.
Myth 3. We have more important priorities.
Every business’s priority list is somewhat unique; however, the risk of losing customers and clients while coping with a disruption should be every business owner’s number one priority.
Having a business continuity plan builds customer trust and confidence as it ensures a quick recovery and the on-going ability to maintain services after a disruption. Also, recovering quickly after a disruption provides a competitive advantage over competitors who are unable to reopen.
Small business owners wear many hats and invest a great amount of time, money and resources to make their business successful, business continuity planning should be an integral part of this process to help ensure continued success even in the event of an unplanned interruption to the business.
The Standerwick Partnership is able to offer assistance in Business Continuity Planning alongside Quality, Environmental and Health & Safety Management, with our help you will be able to quickly and effectively protect your business. Call us now on 0800 0836458.