Many of our clients ask us “Why is business continuity planning important for SMEs?”. Chiefly, our answer is that business continuity management (BCM) is essential for small and medium-sized enterprises (SMEs). Because it helps them prepare for and mitigate the impact of unexpected events that can disrupt their operations. These events could be natural disasters, cyber-attacks, pandemics, supply chain disruptions, or other unforeseen circumstances that could interrupt normal business operations.
What evidence suggests that business continuity planning is important for SMEs?
To highlight the importance of business continuity planning for SMEs, according to the Federation of Small Businesses (FSB) and the British Insurance Brokers’ Association (BIBA):
- 50% of SMEs fail to reopen after a major disaster such as a fire, flood or cyber-attack.
- 66% of SMEs don’t have a business continuity plan in place to deal with such disasters.
- 90% of SMEs in the UK underestimate the potential risks they face.
- 40% of SMEs would be forced to close within a year if they suffered a major disaster.
What does business continuity planning involve?
Business continuity planning involves first identifying potential risks. Then developing strategies to minimise their impact. And having procedures in place to ensure that critical business functions can continue even during a crisis. As a result, it can be difficult to know where to start.
What is ISO 22301?
The ISO 22301 standard provides a framework for BCM. Moreover, it sets out the requirements for a business continuity plan. Indeed, the standard comprehensively covers they key aspects of BCM. these include risk assessment, business impact analysis, strategy development, and plan implementation and testing.
“We work with SMEs across all sectors to support them with establishing and maintaining effective business continuity management. Experience shows us that by implementing a business continuity plan, based on the ISO 22301 standard, businesses can increase their resilience, continue to satisfy their customers, protect their reputation and, importantly, stay competitive.”
Claire Howard, Director, ISO-Cert Online Ltd
For more information on ISO-Cert Online’s services or to discuss your requirements please contact us on 0333 014 7720 or email info@isocertonline.net.
