Half of Alberta SMEs in need of a business continuity plan

News   •   Oct 19, 2016 15:06 BST

When it comes to business continuity planning in Alberta, Canada, even though 78% of small to medium sized enterprises believe a continuity plan is important, less than half (47%) have actually developed one. Of those SMEs that do not have a plan, 62% said that it simply wasn’t a priority. This is according to a report published by ATB Financial.

The Business Beat survey discovered that nearly a quarter (23%) of Alberta-based SMEs had experienced a significant disruption in their business. Perhaps that figure is no surprise considering the Fort McMurray wildfire that the province endured earlier in 2016, which brought disruption to people's lives and businesses. It was the third time in the last five years that a natural disaster caused the evacuation of entire communities. Homes and businesses were destroyed, and a massive clean-up and rebuild effort was required. Despite this, 46% of businesses surveyed said they did not carry disruption insurance.

Of course it’s not just wildfires that cause disruption. The Business Continuity Institute’s latest Horizon Scan Report revealed all kinds of concerns that business continuity and resilience professionals have about the threats their organizations are exposed to.

Disasters, both natural and personal, happen. And by nature of the definition, they strike quickly and without warning,” said Teresa Clouston, ATB’s Executive Vice-President, Business & Agriculture. “So a plan that contemplates how to deal with disruption can allow business owners to respond from a position of strength and thoughtfulness versus panic. We recommend building a recovery plan into your business plan and revisiting that plan yearly.