Know the hidden benefits of business continuity plans
5 Ways Business Continuity Plans Improve Profitability
Business continuity plans have benefits that you may not even realize. Here’s a list of five that will actually add to your bottom line.
1. You can lower your insurance premiums.
First, did you know you can negotiate lower commercial insurance premiums by improving risk practices? Well, it’s true. Effective business continuity plans can help you lower commercial insurance premiums. You should involve your attorney, accountant as well as managed service provider to put together a plan. Then, you should share your business continuity plans with your insurance company and ask if there is anything else you can do to improve the plan and in turn, lower your out-of-pocket expense.
2. You will know your business, better.
Next, an effective business continuity plan requires you to do process engineering on your business to better understand how everything in your business works. For example, you must deconstruct your processes step by step to understand the underlying risks. You will likely find this process will reveal opportunities for cost savings and greater efficiencies!
Sounds like a daunting task? Then ask your managed service provider for help. They can walk you through the exercise as they know what to look for and understand the risks to your business.
3. You’ll have systems that enable the business to scale and grow.
You can be the most skilled pilot; however, you still need checklists. That said, put your business processes on “auto-pilot” by developing systems and processes. In addition to reducing risk, these systems enable the business to scale and grow!
4. You’ll become a more competitive supplier.
In addition, business Continuity Planning can make you a more appealing partner. Did you know that enterprises explicitly consider business continuity measures of vendors? While governments ask small businesses to self-certify that they are prepared for disasters. That said, prepared businesses are more competitive to win contract awards and grow their revenues.
5. You’ll enhance your business in the eye of the community.
Finally, did you know that businesses that are disaster-resilient make fewer needless demands on first responders and other public resources? In fact, responsible businesses are better prepared to help rebuild a community after a disaster.
Those are five more reasons why your business cannot afford to be without a continuity plan. Contact us today for a free business continuity assessment.