Things are rarely easy in the business world and there’s a constant barrage of challenges to face - whether they’re economic, environmental, social, political or logistical. But why are some businesses better equipped to deal with these challenges than others? In this article we look at the three common traits displayed by resilient businesses.
1. A resilient business has a focus on long-term sustainability
A business that’s constantly thinking about the future and making changes tends to be robust. Many small and medium-sized businesses tend to struggle looking past the next few months due to resource limitations. But those who do, and who have a long term vision, are more likely to consider (and be prepared for) challenges like: extreme weather, pandemics and technology malfunctions.
2. A resilient business considers all risks
The most resilient businesses consider all types of risks to its operations and sustainability. Consider a business that’s located in a flood risk area that hasn’t flooded in the last 10 years - many businesses would not see this as a potential threat. A resilient business, however, will have considered not only the risks associated with rising river levels, but also those of extreme weather and will have a plan in place, no matter how long ago the last flood event occurred. In the same way, many businesses have never considered how many minutes/hours of downtime they could sustain before critical functions or processes are at risk. Without knowing this, they cannot take action to protect their business, customers and suppliers against negative impacts. By taking risk seriously and addressing it in detail, businesses can take action and decide what risks are acceptable and what risks need to be mitigated or insured.
3. A resilient business believes a plan brings a competitive business advantage
A resilient business knows that the time and effort spent on resilience planning and management will add value to their business. Having considered all eventualities, come rain, shine, epidemic, strike action or technology failure, a resilient business can adapt, respond and deal with anything thrown their way. Such a business will be trading, if not through the emergency, very quickly afterwards.
A few questions for your business to ponder…..
- How resilient is your business?
- Do you have a plan in place whilst your unprepared counterparts are scrambling around to come up with one during a crisis or emergency?
- Are you confident that your assets, employees, customers and cashflow are safe during an emergency or crisis?
- Do you need a business continuity or emergency response plan?