5 Ways Business Continuity Plans Can Increase Profitability for Your Business
In today’s fast-paced world fraught with security risks, faulty technology, and transient employees, a business continuity plan is an essential element for any organization interested in maintaining optimal productivity in the face of disaster.
A business plan that emphasizes continuity is a framework of actions, policies, and procedures that help businesses stay functional — even when disaster strikes.
These disasters can be as simple as a power outage, or as complicated as a social engineering attack or other hacker-led cyberthreats. They also include forces of nature such as flood, fire, or storm; cyberattacks at any level; theft or loss of equipment; and equipment or software malfunction.
Basically, anything that can impact the optimal functioning of your workplace.
Why Have a Plan in the First Place?
A business continuity/disaster recovery (BCDR) plan can do more than preserve your data in the event of a disaster. A strong BCDR can increase the effectiveness of your risk management strategy, allowing you to opt-in to lower insurance premiums for your commercial enterprise.
As you craft your plan, you’ll break down individual business processes to fully understand the risks of each. This helps your BCDR team uncover opportunities for cost savings and provides for increased efficiency. Developing these systems can help your company provide consistency across processes and improve the likelihood of reproducible results.
Finally, a good BCDR plan is a fantastic public relations tool. The ability to show preparedness for disasters and the foresight to protect sensitive data can strengthen your organization’s public reputation — and put you head and shoulders above the competition.
And those reproducible results we mentioned earlier? Being able to provide clients or customers with consistent products — tangible or intangible — increases confidence and encourages repeat business.
Creating a Business Continuity Plan that Works
So, you’re sold on business continuity and you’re ready to take your company’s cybersecurity awareness to the next level. A good plan will have several objectives, such as:
- Setting specific goals and a primary budget
- Developing a strong implementation team and assign responsibilities
- Conduct a business impact analysis that looks at the impact of potential threats on each business area
- Identify the areas of your business that would have the most impact on your company’s function if exposed to downtime, malfunction, or cybersecurity threats
- Map out pain points for all departments and determine tolerable downtimes for time-sensitive areas
- Compile a plan of prevention, response, and recovery strategies
- Develop a curriculum of testing and training to keep employees and team members up to date on current policies, threats, and plans
- Conduct ongoing maintenance and quality assurance through drills and internal/external reviews
Fully functional business continuity plans will not only comprise policies, education, and protocols but will include a deep level of cybersecurity to provide overarching data protection and disaster recovery for data-sensitive functions.
Don’t Have a Plan? Here are the Risks
First and foremost, not having a business continuity plan exposes you to data breaches and hacking incidents, which are rampant.
Regardless of disaster type, however, lack of an actionable plan can cost your company money, shake consumer and partner confidence in your organization, and possibly even cause irreparable damage.
Failure to have an emergency action plan can result in IT downtime, which can cost upwards of $5,600 per minute. That’s not considering how long it will take for your employees to refocus and get back to work after an outage or disruption.
Kelley Connect — Your IT Services Experts in Seattle, Washington
If you’re a business in Seattle, Washington that is concerned with protecting your digital assets in the event of a disaster through the development of a strong business continuity plan, Kelly Imaging is standing by to help.
Our partnership with Datto, the leader in business continuity, disaster recovery, and file protection, can help us position your company to withstand data disasters from cyberattacks to mechanical failures.