It has been reported that 80% of businesses that have been affected by a major incident close within 18 months*. How quickly could your business recover from a cyber attack or your premises flooding? What happens when a flu outbreak affects your staff?
Business continuity determines how quickly a business can respond and adapt to all types of risk and disruption that it could face whilst maintaining continuous business operations, safe guarding people and maintaining its reputation. Disruptions that can affect the continuity of business include:
A report in 2017 found that 43% of SMEs had no business continuity, crisis management or disaster recovery plans in place (Source: Understand Security Risks report, 2017 by Arthur J. Gallagher).
As a business owner, one of the first steps you could take to start increasing your resilience is to identify some of the emergencies or threats that your business may be vulnerable to and to what extent that they could affect your business. Once they have been identified, it is very important to be prepared and to start making a plan, which should be kept up to date so it can be used effectively when an emergency occurs.
A plan ensures that all the necessary information and resources are together in one location so that the necessary actions and assistance can be taken when required. To improve your business resilience, it is important to:
Further information on developing your business continuity plan and preparing for a potential emergency or disruption can be found at The Lancashire Resilience Forum's website www.stayintheknow.co.uk/Emergencyinfo
You can download a 'ten minute emergency plan' document – a step-by-step guide to develop an emergency plan. An example of an emergency checklist is also provided. You can also download the Business Continuity resource produced by The Flood Hub which outlines the importance of business resilience planning. *Statistic from Cheshire East Council
This article was written by Newground.