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08. Business Continuity Planning
While the majority of SMBs did have a formalized business continuity plan in place before the COVID-19 crisis hit, most of these plans did not specifically account for pandemics. Still, the majority of SMB leaders said their plan was effective in helping them handle the current situation.
Published: May 7, 2020
Do SMBs Have a Plan?
7 in 10 (69%) SMBs have a formalized business continuity plan in place, but of these, nearly half (46%), haven’t updated it within the past year.
For those that did have a business continuity plan in plan prior to the COVID-19 crisis, only 18% accounted for pandemics. The most common contingency plans focused on natural disasters (61%), power outages (57%), cyber attacks (57%), or a recession/ economic downturn (56%).
7 in 10 SMBs have a formalized business continuity plan in place
Prior to the pandemic, which, if any, of the following areas did your business’s continuity plan account for?
After your business’s experience with the pandemic, what changes to the continuity plan have been or will be made?
Are Continuity Plans Working?
Even if it didn’t address pandemics specifically, 68% of SMB leaders who had a business continuity plan in place said it was effective in helping them handle the current situation, underscoring the importance of having a continuity plan in place, even if it’s impossible to predict the specific crisis that may occur.
After their experience handling the COVID-19 crisis, 86% of SMB leaders have already made, or plan to make, changes to their business continuity plan. The most common of these changes have to do with protecting employees: More than half (53%) of SMB leaders will update their plan to prioritize employee health and safety, and the same number (53%) will review or revise their company’s work-from-home policies.
Methodology
TriNet is partnering with The Harris Poll to conduct an ongoing series of surveys with business leaders in companies of 5 to 249 employees. Business leaders are qualified as either owners/partners or C-level executives. Quotas are set by company size and industry for each wave.
We surveyed 171 SMBs in latest wave of the research (April 28 – May 1, 2020); actual distribution by company size and industry is as follows:
67 business leaders with 5-19 employees
78 business leaders with 20-99 employees
26 business leaders with 100-249 employees
50 business leaders in Main Street industries (such as automotive, construction, hospitality, manufacturing, real estate, retail, skilled trade, etc.)
121 business leaders in Technology, Financial Services, Professional Services, Life Science, Non-Profit, or other industries
This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
About The Harris Poll
The Harris Poll is one of the longest-running surveys in the U.S., tracking public opinion, motivations and social sentiment since 1963. It is now part of Harris Insights & Analytics, a global consulting and market research firm that strives to reveal the authentic values of modern society to inspire leaders to create a better tomorrow. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible.
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