Severe weather has been revealed as the top cause of disruption to businesses in the UK over the past 12 months but some companies continue to underestimate it as a threat to business disruption and as a result are underperforming.
The findings come as a result of a new report by the Chartered Management Institute (CMI). Managers estimate that recent heavy snowfall has cost on average £52,000 with some companies claiming losses of up to £1 million. Nevertheless when the CMI asked companies to predict the threats most likely to disrupt their business in future, bad weather barely made it into their top 10 list.
Adverse weather conditions affected 77% of organisations for the fourth year in a row with most common disruptions relating to travel and childcare which leads to workplace absences.
Ann Francke, CMI chief executive, said: "Snow in the UK is hardly unusual - yet too many businesses are allowing it to hit them hard. It's great that more businesses are using business continuity management, but too many are shutting the stable door after the horse has bolted. A key part of any manager's job is making sure that the business keeps running, come what may, and that means planning proactively. Your business will cope better and recover faster if you plan ahead. Managers that don't are left counting the cost in lost business, damage to customer trust and reputation."
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