WHAT IS BUSINESS CONTINUITY?
Business Continuity is planning for future crises and equipping businesses with the defenses needed to survive threats, emergencies and disasters. It centers on establishing recovery strategies for critical business functions and making contingency plans to continue operations under different types of disasters.
Why Engage Small Businesses in Business Continuity?
Small businesses play a critical role in the local economy as they provide needed services and products to both residents and major employers. Following a major disaster, their absence is keenly felt when gas stations and groceries stay closed, local supply chains are disrupted, and residents can’t get access to needed services for their quality of life. Small businesses fail to prepare for a major disaster for three reasons: 1) they lack the financial resources and 2) they lack the knowledge for how to prepare and 3) they tend to underestimate the impact an incident will have on their business. Impacts such as:
+ One in four small businesses do not reopen following a large-scale disaster.
+ At least 60 percent of small businesses fail to make preparations before an emergency.
+ Of those businesses without a plan, 43 percent won’t re-open and 75 percent will fail within three years of a major event.
+ Companies that aren’t able to resume operations within ten days of event are not likely to survive.
Read more in the attached guide.