BUSINESS IMPACT ANALYSIS AND ASSESSMENT
As a business, you will need to make well-informed decisions. These decisions result in significant actions that have an overall impact on your profit and success in the marketplace.
Business impact analysis aims to try and predict the outcomes of those key decisions and how they can potentially disrupt your business. By collecting relevant data you can develop key strategies for the business they can help you to recover in the event the business interruption regardless of the scenario.
At WSCS we can help you identify potential losses to your business and help formulate a plan. This might include problems with suppliers or delays in services that will have a negative effect on your revenue. By evaluating certain scenarios that are a risk, we can run a business impact assessment that will help with recovery as well as outline the prevention of similar incidents in the future.
WHAT DO WE ADDRESS?
First and foremost we address the financial ramifications to a business which could come from the reduction in sales, increased internal and external expenses or the loss of customers due to poor services. It could also stretch as far as contractual penalties.
We also look at the timing of a particular incident and if that has any adverse effect on the business such as a natural disaster where the knock-on effects could be detrimental to the business profits and turnover.
IS BUSINESS IMPACT ANALYSIS IMPORTANT?
Most definitely, as all businesses will go through a period of crisis having a plan in place to analyse or reduce the impact from the fallout is highly important. It doesn't matter if it is an on-site accident, man-made disaster or failure of the supplier, you must think smartly and plan ahead.
With the due diligence of a business impact analysis in hand, your business can have a well-thought-out plan of action to recover from adversity. It gives management more confidence in their decisions and judgments when responding to these events.
MAKE SURE TO PRIORITISE
Our business impact analysis will allow you to prioritise those operational needs and determine those that can wait. It will also identify potential loss of income and disruption and if there is likely to be any further costs on the business through fines and penalties for example. Remember it is your reputation at stake.
WSCS will help you collect and review the information needed to put together a thorough business impact analysis and will accomplish many needs, giving you and your business total peace of mind.
To find out more about business impact analysis or to speak to one of our experienced consultants get in touch with the team at WSCS here.