Owners of small and medium-size businesses know that having a disaster recovery plan is critical to success, yet many are so overwhelmed with daily operations that the task of creating one often gets moved to the back burner.
The cost of downtime, however, is steadily increasing. In fact, the price tag is estimated at $8,000 to $74,000 per hour for SMBs.
What’s more, the majority of the businesses that close during an unexpected event will never reopen.
Updating your disaster recovery plan is no longer an important task to complete in the near future — it’s becoming an urgent one.
Here are five statistics to consider:
- Nearly half of businesses must close during an unexpected event. When an unexpected event occurs, 40 percent of small businesses aren’t prepared and, as a result, must close their doors.
- The majority of businesses don’t have a disaster recovery plan. If you haven’t gotten around to creating a disaster recovery plan, you are not alone. Seventy-five percent of small businesses are without a plan, according to a recent survey. Creating a plan can minimize the impact during an unexpected event.
- Recovery time is slow. How long would it take to recover after an unexpected event? A week, a month or longer? Fifty-two percent of SMBs report that it would take at least three months to recover from an unexpected disaster, which is enough time to cause a serious impact on business operations, revenue and growth.
- Closing the doors may be permanent. A large percentage of companies close during a disaster, but what’s more, only 25 percent of businesses that close reopen. This highlights the importance of having a solid plan in place to minimize the risk of closing.
- Existing plans aren’t working. Even if you have a plan in place, updating that plan regularly is key to its success. Sixty percent of respondents surveyed said that even though they prepared, their disaster recovery plans were not useful during the actual event.
Taking the next steps
Having a disaster recovery plan in place helps SMBs continue to grow and thrive during difficult times. But if you don’t have a plan in place, what is the best next step? A trusted partner can leverage their experience to ensure your plan includes the best possible solutions for keeping your business up and running during disasters. For more information, contact us online or call 212-642-0980 today.