6 Benefits of a Business Continuity Plan for Your Business
A disaster is never going to choose a convenient time to strike your business. It will strike without notifying you or asking for your permission, and once it does it can greatly damage your business if you don’t have a business continuity plan in place already.
The purpose of a business continuity plan is to enable your business to quickly recover from an unexpected catastrophe, so that the business is able to keep on functioning like it’s supposed to. A business continuity plan should be a high priority for you. Consider what could happen without one in the event of a disaster.
Since you can never rule out the possibility of a disaster incident happening to your business, it’s important to have a recovery strategy to overcome these incidents without any bruises to your business integrity.
Here are six benefits of a business continuity plan:
Avoid Disruption to the Services Provided By Your Business
Regardless of which industry you could be working in, 100% assurance of service delivery is one of the best promises that you can make to your clients. Being unprepared to handle incidents like data loss or Internet outage would render you unable to provide the promised services to your customers. If the services that you’re responsible for providing are time-critical, like those in the healthcare industry, then disruptions to the services can not be tolerated at all. A key benefit of business continuity planning is ensuring service delivery to your customers isn’t affected.
Minimize the Losses on the Financial Front
Your business can only make money as long as it's operational. In addition to the expenses occurring as a result of not being able to operate, you will also have to spend a significant amount of money on remedying the damages caused by the catastrophic event. Did you know businesses lose at least $10,000 after a disaster?
Advantages of a business continuity plan includes the ability to maintain your business operations even in the event of a disaster. Strategies your IT MSP (managed service provider) may recommend include offsite backups, cloud applications, and a disaster recovery plan.
Help Your Employees & Clients Feel Assured
Helping two of the most important stakeholders of your business, your employees and your clients, feel assured is a sure way to improve the overall confidence level in your business. When your business is hit by an unanticipated disaster, then not only your clients, but your employees too are affected.
A business continuity plan gives employees and clients the much needed assurance about the capability of the business to continue functioning properly even in the wake of a disaster. Knowing that no disaster can cripple the business allows employees to feel more confident about their job security and allows clients to feel more confident about the service quality. A business that inspires such confidence in the people that it’s associated with would definitely enjoy reputation as a reliable and promising brand.
Proactive Instead of Reactive
While a sudden disaster incident itself is enough for the panic to set in, not knowing how you’re ever going to get past the incident can be even more frightening. When you and your team are in the grips of panic, you all may find it furthermore difficult to address the situation. A business continuity plan provides order and method in the chaos that ensues after a disaster. With the plan protecting your valuable assets, you know that all is not lost and that it’s only a matter of time before you get back on track. Therefore, you and your team will be able to work through the situation with much more poise and patience.
If there are currently any inefficiencies or bottlenecks in your everyday business workflows, then implementing a disaster recovery plan might bring those to your attention. Your managed services provider will closely study your business processes to design and implement a suitable business continuity plan for your business.
During this process they may be able to spot any unproductive or redundant activities, for example, in the way critical data is being handled. With the help of new insights, you can devise strategies for improvement in the business operating efficiency.
Peace of Mind
Running a business is stressful, and whenever there's a chance to reduce some of the stress, you should jump at the opportunity. Dealing with a disaster or even a cybersecurity incident are some of the most stressful situations to be in as a business owner. With a business continuity plan in place, though, you can have peace of mind that your business will recover without issue. You would know that at the end of the day there is a solution waiting for you, ready to guide your business towards recovery.