Most midsize US businesses have business continuity plans but few have tested them, according to The Hartford’s survey of midsize business owners and C-level executives.
The survey also found that more than one-third (36 percent) of midsize businesses had been unable to meet a client need due to an interruption in their operation, putting their relationship with that client at risk.
Of those businesses:
- A majority (57 percent) used an alternate supplier and avoided any direct impact on their clients.
- 39 percent lost business to other suppliers but had clients return once their business resumed operations.
- 9 percent lost clients that did not return.
Most midsize businesses surveyed (84 percent) rely on suppliers, vendors or consultants. Four in 10 had suffered a supplier interruption and almost one-third (32 percent) had lost revenue due to a supplier problem.
More information about this survey, including an executive summary and infographics are available at www.thehartford.com/midsizemonitor. The survey is entitled the 2014 Midsize Business Monitor but has only just been published.