Bet the cost of downtime is more than you think!
If your IT goes down, what will it really cost your business?
The average London salary is £659 per week and in the City, it’s £923 per week. As salaries are only about 50% of the cost of running a business, let’s look at the costs of your IT being down for a day.
If you have 20 people in your business:
- Salaries: £2,640
- Running your business costs: £2,640
Now what other costs?
The opportunity costs of lost sales and lost prospects can quickly add up. Not being able to deliver to current clients’ deadlines because your IT is down can quickly add up. The average consultancy day rate across the country is £430 senior consultants in London can be on £6,000 per day. If 60% of your team are fee-earners, what will a lost day add up to? £5,160.
There is no accurate way to put a cost on this and it should be negligible for a one-off outage, but if you lose your IT repeatedly, it could easily start to bite.
In this case, we have over £5,000 not coming in and another £5000 going out, so a total cost exceeding £10,000. Can your business afford to lose that much for just one lost day?
So what are your options?