Business Continuity – are you prepared?

According to a report by smallbusiness.co.uk, just 27 per cent of small businesses have a business continuity plan (BCP) in place, and of those 73 per cent said they hadn’t tested it in the last 12 months. And yet, tweaking and testing business continuity plans on a regular basis is critical. Many business owners believe business continuity planning is a costly and difficult exercise – but it doesn’t need to be either of those.

The easiest way to go about creating a BCP is to determine potential disruptors to your business, then create plans to ensure services and operations are impacted minimally. Implementing and detailing procedures around this means that you are protecting your business if the unexpected were to happen.

Some of the potential disruptors could include fire, flooding, internet or hardware failure and cyberattack. And when assessing these disruptors, some of the key business issues you may need to focus on include remote access to systems, employee communication, GDPR compliance and access to backed-up or important documents (such as insurance details).

Of course, there are also many factors that need to be considered outside of these, including customer service, cybersecurity and insurance. These are important to think about when creating your BCP. Ensuring you cover all bases means that there are no nasty surprises lurking if you do need to implement your plan.

Many small businesses don’t think they need a BCP, but in reality, it’s important for any size business. As a small business, you are one of those most affected by downtime, and without the required planning, insolvency is a real risk after a major crisis.

Thinking of the recent COVID-19 lockdown, were you prepared? Did your customers notice any change in their service? Did your insurance cover you? Were you sending confidential documents with the ease of mind that there was no way they could be intercepted by cybercriminals? Did you know what to look out for if cybercriminals were trying to target your business at home?

Smart Vault will be covering best practises on how to create a good BCP on our upcoming webinar, and they will of course touch upon cybersecurity – however this is a big topic with ever changing parameters. If you would like to know more about how you can improve cybersecurity as an accountant, download their eBook ‘Cybersecurity for Accountants’ and walk away with a three-part plan to implement immediately.

Article provided by Smart Vault.