In business, planning for contingencies is an integral part of any success strategy list. In the current digital landscape, a disaster recovery or business contingency plan is a must. Anticipating mishaps or disasters means having realistic solutions to save your business. So, who in your corporate structure has that responsibility? Do the executives have any idea what a disaster will cost them?
According to the Uptime Institute Symposium, businesses can calculate an average cost of downtime by the hour. Don’t toss out a number. Figure it out. For every 50 million dollars in annual revenue expect that the impact on being out of business for one day will have up to a 5% impact on the bottom line. Maybe you’re lucky. You might lose only $200,000 in a day. Customers, vendors, resellers, and employees can’t work, doubts about stability set in, and even though everything is up and running the next day what was the actual impact?
At the extreme, 87% of companies that lose their data in excess of a week go out of business in twelve months. Numbers also suggest that 80% of companies that have neglected the need for a disaster recovery plan face shutting down in about 18 months regardless of how quickly they rebuild from scratch. This shows that data disasters not only have the potential to threaten the finances of your company, but can force your business into failure, too.
So, is losing your business to a disaster worth saving some money that is required to put the right plans into place? This question is even more significant when one considers the dangers a business’ survival is susceptible to: from recurring natural disasters to hovering cyber threats. The digital sphere runs the show today and the absence or loss of data, even in minimal numbers, is enough to send any business on a downward spiral.
The good news is that a considerable majority recognizes this issue. A study conducted by Forrester and the Disaster Recovery Journal showed that nearly 75% of companies did have a business continuity plan in place. Moreover, government regulations identify the importance of data, especially in critical segments such as healthcare, finance and energy.
At STORServer, we offer dedicated Disaster Recovery Consulting services. Key features like onsite support, 24/7/365 onsite response, a commitment to make every effort to get onsite within 12 hours and a guaranteed 24 hours response time make us your perfect disaster recovery partners. Contact us today for more information.