A Business Continuity Strategy, also known as a Business Continuity Plan or BCP, is a crucial part of any business. It’s basically a backup plan in case something goes horribly wrong, which, unfortunately, can certainly happen.
Without a Business Continuity Strategy, your business might be severely affected by disasters, losing critical information, years of work or even having to cease trading altogether.
An effective Business Continuity Strategy means you can get back up and running extremely quickly relative to not having one.
This article will explain what Business Continuity Strategy is and why it’s so important to have one.
What is a Business Continuity Strategy?
As mentioned in the introduction to this article, a Business Continuity Strategy is a backup plan in case of complete disaster. In today’s advanced world of businesses and data, this usually consists of cloud backups.
The Business Continuity Strategy is your plan to get back operational. It comes into effect if you experience a total disaster event (see the next section).
You could, of course, back your systems and data up using other methods, such as manually copying the hard drive onto another one periodically. The backup hard drive would then need to be kept in a different but still secure location to minimise the risk of losing both in one go.
With the technological capabilities today, backing your systems and data up to the cloud is a far more efficient operating method. It happens automatically as a background process, meaning you shouldn’t even notice it and won’t forget to do it. They also regularly update and cross-check all the information, ironing out data corruption and keeping everything within minutes of being entirely up to date.
Some businesses still operate without any computer or technological input (although not many). For these SMEs, the Business Continuity Strategy is more likely to consist of manually copied paper records stored in a safe location.
Why should SMEs have a Business Continuity Strategy?
Small and Medium Enterprises need to have a Business Continuity Strategy. Computers control almost everything in today’s world, and most of us are totally and utterly reliant on them.
Business Continuity Strategies are important in the case of total disaster. By total disaster, we mean events like:
- Inclement weather
- Viruses and data theft
- Loss of premises
- Physical theft or vandalism
- Loss of key operational personnel
Should any of these events happen, your business would be under real threat. You risk losing all the system data on your computers along with all manual records and potentially extensive damage costs.
Having an effective Business Continuity Strategy means you’ll be able to recover as much of this data as possible, minimising the business’ downtime and therefore minimising its costs.
Nobody expects these events to happen to them, but, unfortunately, they do. All SMEs, and large enterprises, too, need to be ready for such an event, regardless of their size, mindset or operating systems.
Benefits of a Business Continuity Strategy
The most important aspect of a Business Continuity Strategy is getting your company running again as quickly as possible. The longer a business is unable to trade, the greater the costs it’s incurring. If you can get your systems working again in a relatively short time, you’ll minimise the damage the disastrous event does.
The costs of business downtime can be dramatic. In fact, some studies estimate figures upwards of £200 per minute.
In the event of a disaster, a Business Continuity Strategy provides all stakeholders with confidence. It means all staff know what they should do to ensure they’re still being productive and can follow recognised procedures going forward.
Business Continuity Strategy plans might also help reassure insurance companies.
Overall, they’re about minimising downtime costs and building confidence in all affected stakeholders, including owners, staff, suppliers and customers.
Here at BCDR, we offer bespoke data backup and disaster recovery solutions for SMEs. Our services include:
- Onsite business continuity and disaster recovery solutions
- Offsite backups and disaster recovery
- Individual file and folder backups
- SaaS backup services
We’ll create and manage a disaster recovery plan tailored specifically to you and your business. Our disaster recovery plan can form a good chunk of your business’s overall Business Continuity Strategy, which might also include aspects such as:
- Physical temporary relocation
- Working from home
- Sourcing or re-sourcing suppliers and customers
- Staff working in different roles temporarily
Unlike some of our competitors, our services are primarily built around minimising downtime. This decreases your business costs, ensuring your Business Continuity Strategy is as effective as possible.
If you’d like to get in touch for a free consultation to discuss your options and any further questions you might have, give us a call on 01386 898324.