Backing up your business is essential. An unforeseen cyber-attack, system crash, fire or theft can result in a complete loss of company assets. Essentially, everything you’ve worked so hard to build could be lost forever.

For smaller businesses in particular, the consequences can be catastrophic. A recent study by Cloudwards shows that an astonishing 80% of companies that suffer a loss of data will shut down within a year.

In an online dominated world, you’re always at threat of losing important files, figures and personal information. The financial magnitudes of this can be severe, not to mention the hit to your reputation within the industry.  

If you’re still unsure of the merits of backing up, here are some further reasons why it’s so important.

Professionalism

First and foremost, an efficient backup is integral to a healthy business infrastructure. It denotes a sense of professionalism that appeals to both customers and other investors. You’ll also have added peace of mind knowing an unexpected crash won’t cripple your day-to-day operations.  

System Failure

The most common reason for a loss of data is a system crash. In offices with multiple PCs using the same network server, the likelihood of this happening is increased. According to worldbackupday.com, around 1 in 10 computers are infected with a virus each month, often resulting in a complete shutdown of the business model.

Cyber Threats

Computers infected with ransomware, malware and other viruses are a plague in the modern era. Because criminals have adapted their behaviour, so should you. If a virus does somehow get through your security software, having an instant backup is the most effective way of staying operational.

Quick Turnaround

If you suffer a system crash or cyber-attack, attempting to fix the problem can take hours and even days in some cases. Sometimes, no solution can be found at all. Backup software is usually automated meaning data can be recovered before business operations are seriously impacted.

Customer Trust

Companies that lose important personal data without it being retrieved suffer reputational damage that is hard to recover from. Customers appreciate a safety net and how you’ll always be accessible to them. This is also a decisive factor in attracting business.

Cloud-Backup

Cloud data protection is now widely accessible and used by all types of business. They allow files to be stored on an off-site, remote network that won’t be affected if your own system crashes. There are plenty of cloud-based services out there, suitable for various budgets.

Human Error

With automated backup in place, you’re also protected against data inputting errors. Staff can sometimes accidentally delete important files or simply enter incorrect figures. An online backup solution means you can recover previous information in its original and correct form.

For accountancy firms in particular, storing an array of figures, receipts and tax information without a suitable backup strategy in place can have severe consequences for your company. We recommend utilising a professional IT firm to help secure this information with a cloud-based service, alongside occasional testing to help guarantee the ability to recover once installed.

 

While you’re updating your backup systems for your business, you might also be interested in these 8 Reasons to Choose Modern Expense Automation over Spreadsheets.