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- Bondholder Network
Knowing what to do in the case of a disaster is essential for any business as disruption can be costly, and not only in financial terms. Flooding, fires, storm damage and IT problems are just some of the many issues that could cause a disruption. Managing these issues quickly, efficiently and cost effectively is crucial to making sure the implications are limited.
Adverse events can cause downtime for your business and, most likely, loss of revenue which will only increase with time. Having a BC plan will enable you to get back up and running again much faster than it would with no plan of action in place. Additionally, your reputation is likely to be damaged a lot less if downtime is minimal. Some customers may not even notice you’ve had an issue if you are able to reinstate your services within a few hours.
Similarly, both internal and customer confidence is likely to be a lot higher if your employees, partners and customers know that you have solid plans in place to help when things go wrong.
Competitive advantage is important in order to stay ahead of market competitors. If your businesses does not have a BC plan in place this may mean there is a lacks of competitive advantage compared to those that do have plans in place. This links back to customer confidence and how important a BC plan is to your customers.
Overall, there are many factors which suggest it is wise to have a BC plan in place to protect your business in case of an emergency.