5 Ways Business Continuity Plans Improve Profitability
As a small business owner, no one understands or cares more about the success of your company than you. That’s why having a business continuity and disaster recovery (BCDR) plan in place should be a priority. While BCDR is primarily about ensuring you can continue business operations following an outage, it’s more than just an insurance policy. BCDR can also improve your profitability. Here’s a look at some ways your business can benefit.
- Lower your insurance premiums: A BCDR plan proves you have better risk management practices. This may allow you to negotiate lower commercial insurance premiums.
- Leverage process engineering: In order to have an effective BCDR plan, you need to deconstruct your processes to understand the risks. This will, in turn, reveal opportunities for cost savings and greater efficiency.
- Systems enable the business to scale and grow: Developing systems and processes will enable you to be consistent, reproduce your results, and reduce risk. The use of automated backups will keep your data protected no matter what and eliminate the risk of forgetting to back up your data.
- Become a more competitive supplier: A BCDR plan can turn any business into a more competitive and reliable supplier. The ability to guarantee you are prepared for disruptions or disasters can distinguish your business from the competition.
- Enhance your brand in the community: A BCDR plan can strengthen your reputation. It will show you are a caring and responsive employer and may even make your company a more desirable place to work.