If you’re running a business without safeguards to protect your heavy equipment or power needs, you’re putting yourself at risk for operational downtime. Here’s what to know about how downtime impacts your business and how to avoid it.
Decreased Revenue
One of the biggest concerns with operational downtime is the spiraling revenue loss. Depending on your business model and the cause of the downtime, studies show the cost of a U.S. data center outage has grown to $8,851 per minute. Some downtime, like equipment damage that needs immediate repair, is unavoidable.
However, many issues impacting downtime can be resolved with a backup plan. For example, if your area is hit with inclement weather and have a generator in place to power your business when the utilities go down, your downtime is minimal or non-existent.
Productivity Loss
If you’re struggling to keep your business running due to power outages and no backup generator, you’re risking long-term damage to your business. Research shows that factories lose 5% to 20% of productivity due to downtime. The productivity loss can take time to recover as your team scrambles to catch up and get ahead of the problem. The overwork trickles down to team morale work culture and can lead to burnout. Keep in mind these issues spiral from a single episode of downtime.
Damaged Business Reputation
Consumers expect businesses to be immune from long-term downtime issues or that it somehow won’t impact them when they need service. Despite the fact everyone understands things happen, including downtime due to weather or emergencies, business reputations still suffer anyway. Your customers will notice if your competitors are still up and running with backup generators and emergency systems.
Lost Opportunities
If your business isn’t operational, it makes sense that you will miss out on new opportunities. However, you will likely miss out on future opportunities as well. If your business has a reputation for downtime, when your competitors do not, you will inevitably lose future business opportunities as well. This scenario is especially true if you service B2B clients. After all, those businesses can’t afford to use your services and risk their own financial future.
Potential Data Breaches
Large corporations aren’t the only businesses at risk for data breaches. However, the problem is amplified when you’re suffering operational downtime. When your power is out, it takes longer to notice, investigate, and resolve a data breach. Your team may end up using third-party apps and tools to complete their work when your systems are down, which also leads to data breaches and unsafe security practices.
Compliance Violations
Is your business required to use generators and transfer switches as safeguards? If you fail to use the appropriate equipment, keep your warranty current, or schedule regular maintenance, you may be at risk for compliance violations and fines.
Make sure you are following all of the regulations for your business and keep your equipment up to date and warranties current. Otherwise, you could end up spending more money on fixing the problem than on preventative measures.
How to Prevent Operational Downtime
Keep your generators up to date and equipment current with the help of Industrial Engine Co. Contact our team today to schedule installation, review your heavy equipment needs, or check your maintenance needs.