Monday, 19 March 2018

Information and commentary for the small business banking industry

Successful disaster recovery comes down to planning and foresight

15 Nov

Most small business owners will, at some point, face a crisis in their business. It could be a natural disaster, or a virus that wipes out a computer system. Whatever disaster may befall a business, the key to successful recovery is planning and forethought.

Being prepared for a disaster that could seriously affect a business’s ability to continue functioning is an absolute must. It’s vital to weigh up the risks of each type of disaster occurring and how each one might affect the business.

All hands on deck are needed following the event to maintain cash flow – but foresight is the real key to recovery.

A recovery plan should detail plans to mitigate the effects of a disaster, and how to quickly rebuild the business following the event. Business owners should work through (with their staff) the likelihood of various events and how they can keep your business operational.

It’s important to keep multiple copies of the recovery plan in different locations, including online where it should be available if the physical workplace becomes inaccessible.

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