Company Director FAQs
When disaster strikes, whether in the form of a fire, a flood, a gas leak, a blackout, or far more likely, a virus attack or software or user error, your ability to respond to the crisis can make the difference between a bright future and the end of your business.
At the very least, you are likely to incur significant costs in lost business and, perhaps more importantly, lost confidence by your customers, investors, and other stakeholders. Business continuity is not just about insurance; it is about maintaining your competitive edge.
Previous incidents have shown:
- 80% of businesses affected by a major incident close within 18 months
- 90% of businesses that lose data from a disaster are forced to shut within 2 years
- 58% of UK organisations were disrupted by the September 11th bombings. One in eight was seriously affected
A business continuity plan is a set of instructions of what to do, and what not to do, at the time of a disaster or crisis. It is usually created by someone, or a group of people, who know how the whole business is run.
Business continuity is about thinking ahead and planning for a crisis that could affect your business, making sure that it can survive. In short, it is about ensuring that a crisis does not become a disaster.
Experience has shown that businesses are far more likely to survive a disaster or crisis if they have thought about it in advance, and planned accordingly.
Banks, investors, insurers, customers and suppliers will take a company that has a business continuity plan much more seriously. Business continuity plans build stakeholder confidence.
In the end, business continuity is about responsible management. It makes a business a safer place to work but above all it contributes to the financial stability of the organisation.
It should not take too long to create your first business continuity plan but obviously this will depend on the complexity of your business. The smaller the size of your business, generally the less time it is likely to take.
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