Yawn, yawn, business continuity….. sounds desperately dull doesn’t it? But if the consequences of a security breach mean your business goes out of business it deserves your attention.
Last week, following the attempted burglary of a colleague’s office, we mentioned the likely increase in crime rate as a consequence of the recession and the importance of making sure your premises, your property and your data is fully insured and protected. If you’re not sure where to start, take a look at the security pages on the Small Business Centre website – specifically, 7 steps to a secure business plan.
According to a November SME news feed article, as many as 90 per cent of firms which lose data following a disaster such as flood damage, power outage or technical failure are forced to cease trading within two years.
Some 20 per cent of businesses will be affected by such incidents during their lifespan, the figures indicate.
Of those which have not made business continuity provisions, 43 per cent will never reopen and 80 per cent will close within 13 months, it is claimed.
If you’re well and truly scared by now that’s probably a good thing – Business Link has some excellent advice on how to start putting your business continuity plans in place.
News on Small Business loans
If you haven’t already done so, take a look at the BBC story on the plan to guarantee up to £20 bn of loans to small businesses to help them survive the economic downturn.