How Disaster Planning Can Help Your Business Save Money Long-term

Thursday, September 19, 2019, 6:00 PM | Leave Comment

Whether you’re a small business with a limited budget or a larger organization with strict restrictions on how you spend your money, it can be difficult to justify spending extra cash on a plan for disaster recovery and business continuity.

After all, when you’re first implementing a continuity plan, there’s no immediate benefits or return on investment.

There’s also a really good chance that you and your team will spend most of your time hoping that you never have to use the plan that you’ve spent so much time and effort creating.

When the time does come for you to brush off your business continuity plan, the survival of your venture could depend on how well you did on preparation.

How Disaster Planning Can Help Your Business Save Money Long-term

Is a Business Continuity Plan Really Worth It?

As grim as it sounds, anything from lost data to a damaged hard drive could cost your company thousands of dollars.

For some smaller organizations, the expenses involved with trying to recover without a business continuity plan are so significant that the rest of their venture simply grinds to a halt.

Having the Right Support is Key in a Disaster

Think of it this way, if you usually produce an average profit per unit of $50, and make about 600 units of your item per hour in your company, then a single hour of downtime would cost you $10,000 in revenue.

And large scale problems rarely last just an hour. They can be resolved in several hours at best.

Without a recovery plan to guide you, the risks are that it will take even longer to get your business back up and running skyrockets out of control.

Understanding the potential setbacks you’re going to face if something goes wrong in your organization and knowing what you’re going to do is crucial to landing on your feet.

This is particularly true for smaller companies, that can face a number of issues on the path to growth.

If you’re in a high-risk industry like finance, technology, or healthcare, you could even find that your risks are greater than most.

Fortunately, having the right plan, and the proper support in place from specialists in the recovery and continuity environment could save you from company-destroying downtime.

Here are just some of the critical costs that you can reduce when you choose the right plan to prepare for your downtime.

  1. The Cost of Recoveries

    Today, data is the most valuable asset in the world – even more so than oil.

    When disaster strikes, there’s a good chance that you’re going to lose data.

    Losing even a small portion of the information that you’ve collected on your customers, clients, and industry could end up sending your entire company spiraling out of control.

    Remember, corporate data can often extend to hundreds or thousands of terabytes – and hold lots of sensitive information.

    The cost of recovering all of your data can be astronomical, to the point where 58% of smaller businesses say that they’re not prepared to survive if they suffer from data loss.

    Sometimes, you may even find that the data you’ve worked hard to collect, like customer information and email addresses, isn’t recoverable, which means that you necessarily need to start from scratch.

    If that happens, then you could be dealing with the expense of starting your business all over again.

    Exploring options for the right business continuity strategy and support from an expert team can ensure you have secondary copies of your data available to access elsewhere.

    This means that you can recover the information stored in the cloud and in other safe environments to get your business back up and running as quickly as possible.

  2. The Cost of Downtime

    Some studies suggest that unplanned downtime can cost around $8,600 an hour – just for a small business.

    The chances are that you can’t afford for your business to stay down for too long.

    However, downtime will often last for several hours, or even days if you don’t have a plan to get your business back off the ground again.

    Leveraging a proper plan for disaster recovery and business continuity is how you get your company back into action with as little downtime as possible.

    If you have guidelines in place for how you can recover your data and restore power to your business, then you could find that you’re able to push through your disaster in less than an hour and work on restoring your company faster.

    Some organizations can even put redundancy plans in place that eliminate unplanned downtime altogether.

    If your data center went down for any reason, you could automatically move your processes to another backup data center through the cloud.

  3. The Cost of Reputational Damage

    It’s amazing how much of your business budget can end up being spent on things like your brand reputation.

    The damage that comes from unplanned downtime isn’t necessarily just monetary. If your customers see that you’re unable to keep your company up and running safely, then there could be damage to your reputation too.

    Organizations without a continuity plan in place are often seen as unreliable, unprepared, and unprofessional.

    Competitors will even use your downtime to convince clients that you’re not worth their time.

    If you have a structured plan in place to show your customers that you can push your business back into action quickly, then you’ll be more likely to earn their respect.

    Work on your business continuity plan, and you’ll also have a reputation that conveys trustworthiness, professionalism, and preparedness.

Protect Your Business

Business continuity and disaster recovery plan is the key to not only saving your company but protecting your reputation and your potential in the long-term.

Take the time now to make sure you’re prepared for anything, and you’ll benefit in the future.

Author BIO

Joe Peters is a Baltimore-based freelance writer and an ultimate techie. When he is not working his magic as a marketing consultant, this incurable tech junkie devours the news on the latest gadgets and binge-watches his favorite TV shows. Follow him on @bmorepeters.

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