A business continuity plan is a process for creating systems of prevention and recovery to address potential threats to a company. In addition to prevention, the goal is to enable ongoing operations and get the business back up and running quickly.
Without a plan, your business could suffer:
- Diminished reputation
- Financial loss
- Decreased operations
- Potential closure
These risks may exclude potential liability litigation costs – which could be significant.
According to the U.S. Small Business Administration, 25% of businesses do not open again after a disaster. The SBA urges business owners to identify risks relevant to their locations and develop plans to address them.