Most companies in today’s modern world rely on data to help make business decisions. Data can be used for business growth, customer retention, marketing efforts, predicting sales trends, and improving processes. As the CEO, you may not analyze your company’s data daily, but your staff likely require this information to perform their job tasks. So, what happens if that data is permanently lost due to a disaster? In this post, we will share four backup questions every CEO should ask themselves when it comes to protecting their company data.
Why is Protecting Company Data Important?
Strong and successful businesses accumulate years of data to get where they are. Protecting your data is important because everything physical in your business can be replaced if lost (servers, network equipment, workstations, desks, chairs, and even staff). Once lost, data cannot be replaced. Unfortunately, there is no Amazon item you can order to get your intellectual property back, your accounts receivables records restored, your sales & marketing strategies or your customer records back. According to a study done by the University of Texas, “94% of companies suffering from a catastrophic data loss do not survive – 43% never reopen and 51% close within two years.”. Permanent loss of data can, and often will, put a company out of business.
4 Backup Questions CEOs Should Ask Themselves:
If my accounting data were lost, how would the business know who we owe money to and who owes us?
If my customer data were lost, how would we be able to support our customers? How would they feel if we lost their data?
If my sales and marketing were lost, how long would it take to recreate the lost data? How much would that cost my business?
How would future customers feel about working with us if they knew we lost data?
All the questions above are necessary when deciding why your business should implement a good backup strategy. If a disaster were to strike and your billing or client data was lost, having a secure copy of it backed up can help your business avoid losing time and money.
Your company data is a pillar of your business. Without it, how can you know who your customers are, how much you owe, or who owes you? Company data is extremely useful for a business therefore it is important to protect it by having a good backup strategy in place. Disasters are unpredictable but you can take proactive steps to prevent data loss by having a complete backup strategy in place. Every CEO should ask themselves the four questions listed above to determine the importance of having backups of critical business data.
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