Organisations that thrive and do well have the element of business resilience. Resilient companies are those that will be most likely to push through challenging or uncertain times.
What is business resilience?
Business resilience is what makes a company adapt to disruptions while at the same time being able to run its day-to-day ops. What we need to point out about business resilience is that it all begins with knowing which business processes have to be maintained so as to overcome the disruptions that come along.
The most important elements of a business resilience plan of action are:
- Preparedness (identifying the potential risks)
- Mitigation (managing the risks)
Why information is crucial for business resilience
Above all, business resilience is about having and acting upon key information. When you’ve got information overload flying all over the place, it can get very convoluted and confusing. So, get access to key facts in the areas of the business that you’re concerned with.
Get that information in real time. For example, in the world of business transactions, you need financial data. A lot of businesses, even those of a reasonably large size, will still be using outdated annual accounts processes and information on which to base their decisions. When you want to assess your costs and profit, don’t use outdated information sources. As a business, you need to know not just what things cost now, but what things are making profit.
But if you use digital tools, you will have access to up-to-date info. This means that you can drill down and look closer at what’s under the bonnet – in other words, what’s really going on in your business.
Being able to access information in a digital format is crucial because the speed at which you get that data will help you formulate your business decisions. Organisations that don’t have access to important data such as customer, supplier, and financial transaction data, will lose out on the benefits of timeliness decision-making.
Above all, we hope you see how information improves your business resilience. It feeds into your decision-making. You want to base decisions on facts, not opinions. Certainly, there’s nothing wrong with gut feelings or opinions but fundamentally, but it’s facts that you need in decision-making. And, it’s not just about financial transactions, it’s about many other things in your business.
Be prepared to take action
Remember, leadership is not just about identifying the risks, it’s about action too. Once you’ve identified the major risks and, have collected that data, you have them on your risk radar. Then look at if you have the ability to respond swiftly if that risk materialises.
Communication is vital!
This is key to the survival of your business resilience. Start building and strengthening your communication channels and strategies and embed them into your general communication plan.
Your communication strategy must reach out to all the different stakeholders, as early as possible. So, it is not just your customers, it is your staff and your suppliers.
Make sure you act quickly, or somebody will step in and comment on your behalf.
Involve your team whether they are freelancers or employed staff – communication is king.
Whatever you communicate, be honest, have integrity, have empathy, and be authentic.
Companies that are business resilient, outperform those companies that are not.
In conclusion, it’s about information, the practical stuff, and knowing where to save costs. So make sure yours is up to date and accurate and you and your business will go far!
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