Having a Business Continuity Plan (BCP) in place is essential. Increasingly, lenders, investors, clients and customers include a BCP as an eligibility requirement before even beginning a business relationship. They need to know you will still be able to deliver in the event something unexpected happens. Securing business depends on having a good BCP.
More importantly, however, having an effective BCP makes good sense; in the case of a business disruption, productive hours lost means products are undelivered, hours are not billed, clients’ expectations are not met, and your reputation is damaged. While some losses attributable to a business interruption are insurable, the damage to your firm’s reputation, and the ability to secure future business is not. Your ability to survive and thrive rests in part on the effective plan for and reaction to a business continuity incident.
- 75% of companies without business continuity plans fail within three years of a disaster.
- Companies that aren’t able to resume operations within ten days are not likely to survive.
- Of those businesses that experience a disaster and have no emergency plan, 43 percent never reopen.
- Of those that do reopen, only 29 percent are still operating two years later.
At Enlightened Business Risk Solutions, we have the training and experience you need to clarify your business goals, objectives and strategies; conduct a Business Impact Analysis to determine critical and priority functions and their corresponding infrastructure, information, IT, and people dependencies; and develop prevention and mitigation strategies that help you:
- avoid a business interruption in the first place;
- decrease the severity should one occur;
- continue to provide customers with the products and services they need; and
- recover fully, with enhanced reputation and the potential for greater growth and success.