How Much Could A Business Emergency Cost You?
Business emergencies take many forms, and do varying amounts of damage whenever they strike. However, they all have one thing in common: a business emergency could cost you lots of money, especially considering you’re a small business with limited resources, and need to make as few mistakes as possible. But what is the total cost you could be looking at here? What do you need to plan ahead for? We’ve got some crucial details you’ll want to keep in mind below.
The Average Cost of Downtime
Downtime happens to every single business out there, and it’s impossible to completely eliminate it from your working schedule. We’re all going to have moments where there’s nothing to do, or there’s latency in the network, but thankfully, these usually only last a few minutes each.
But what about when you’ve got an hour of downtime on your hands, and the clock is still ticking? Well, it could cost a small business like yours upwards of $16,000 every 60 minutes to continue operating like this. Can you afford to factor a cost like this in every now and then?
Because even when you’re prepared, traffic jams could prevent IT support from getting to the office and the weather could make the wires freeze so you can’t even turn your equipment on.
The Risk of Data Loss
As we’ve previously touched on, even just the possibility of data loss can be a catastrophic thought. Any kind of outage, digital or not, could mean you lose data, or accidentally hand it over to nefarious third party sources. Neither is a beneficial option.
But to try and curtail the issue here, you need to know how much data you could afford to lose. You need to work out your RPO, to ensure you know how much wiggle room you have when it comes to putting security back in the system and making sure your customers don’t suffer as a result.
The Emergencies You Least Expect
Of course, even when you’re prepared for every single eventuality you could think of, there’s always going to be one or two you forget about. At the very least, these could slow down the working day, and stop you from making as much a profit as you usually would. That can be harmful to your need to pay bills later on in the month.
For example, if the office AC breaks down, you’re going to need to call out an Emergency Air Conditioning Repair service as soon as possible. Why? Because no one will work well in a room that’s too hot and stuffy, or cold and damp, and there’s a good chance your equipment will be on the fritz too. So, the key here is to think outside the box, as emergencies can happen in a variety of areas.
A business emergency could cost you a lot of money. Work out your downtime, work out your disaster recovery plan, and have all these systems in place.
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