The time it takes to get your business back up and running after an event is critical. Every day that is lost increases the likely hood of business failure. According to the Federal Emergency Aid Agency (FEMA), 71% of business are no longer operating just 2 years after a disaster. Smaller businesses, who are less likely to have been able to pick up the pieces after a significant event, have a higher failure rate.
One of the key factors that determines the likelihood of successful navigation of a disaster situation is how well prepared the business is. This planning should cover employees, technology and customer communication.
Business continuity plans should enable a business to respond quickly and effectively to most incidents, ranging from as small as a temporary power outage or the devastation caused by hurricanes and earthquakes.