SpartanTec, Inc. Columbia: Do You Need A Business Continuity Plan?

It is difficult to justify spending money on a business continuity plan. It doesn’t seem to provide any immediate benefits for your business, and you might not even be aware that it was implemented. So, why do you think should your company invest its resources in a recovery plan?

Your organization’s survival depends on it when the time comes that you need to use it.

It’s not as grim as it sounds, but it is true. There are many reasons your business operations could be disrupted, including cyberattacks, hardware failures, natural disasters, and other factors.

No matter what the reason behind the downtime, the damage to your business will not change. If you don’t have a plan for recovery, there are three major costs that could cripple your business.

Business Continuity Plan: Major Costs That Will Affect Your Business

RECOVERY COSTS

All of your data could be lost in the event of a natural disaster. Corporate data, unlike individual users’ data, can be tens of hundreds or even thousands of terabytes. It can cost up to $1 per gigabyte to recover this data. That’s going to be very expensive.

This assumes that your data can be recovered completely, and does not account for the time required to retrieve it. You can quickly restore your data and carry on your business operations with a business continuity plan.

The Cost Of Downtime

Time is money when it comes to downtime. Businesses can’t afford to be down for too long, as downtime costs them an average of $8,600 per hour. A single downtime event can cause a company to lose approximately $70,000.

Your organization can get back to normal quickly by utilizing a disaster recovery plan. This will prevent your business from being shut down and save you money.

Reputational Damage: The Cost

Downtime can cause more than just financial damage. Companies that are affected by downtime may also suffer reputation damage.

Businesses that do not have business continuity plans can be seen as unprofessional and unprepared. Competitors will also use your downtime as a way to discourage potential clients from using your services.

A structured business continuity plan, on the other hand, reflects your organization’s professionalism, trustworthiness, and preparation.

Plan Ahead

It is clear that there are significant costs to not having a business continuity program. It is generally impossible to recover, it is expensive, it can cause reputational damage, and downtime costs can be staggering. However, it is easy to prepare for the worst.

SpartanTec, Inc. in Columbia SC can help your business develop the right plan to quickly recover. We spend time getting to know you and your business to determine where your most important functions are. We will work with you to develop a plan for recovering your data.