Business resilience Archives | Numbers Knowhow

Leadership & Business Resilience

Mahmood Reza — Mon, 17 Apr 2023 08:07:35 +0000

Why leadership is key to your business resilience is the topic of this blog. Business resilience is what you need when running your business. The businesses that share these characteristics tend to be at a large, multinational corporate level. However, there are lessons that we can take from those and apply them to smaller ones. What is business resilience? Dealing with shit when it hits your business fan is one definition of resilience. Another more formal definition would be “adapting well when faced with adversity, trauma, threats or sources of stress” – a more official definition given by the American Psychological Society back in 2014. It’s really about having the right people, systems, and processes in place so that when things go south, you can bounce back quickly. Why is business resilience important? So, we’re not talking about how you can predict the next perfect event – that would be impossible. There are so many variables that happen in our business environment, there are so many “what ifs”. It could be a climate change issue, it could be an IT issue, or it could be a fundamental physical security issue. We can’t accurately predict what the next thing will […]

The post Leadership & Business Resilience appeared first on Numbers Knowhow.

Business Resilience & Information

Mahmood Reza — Mon, 17 Apr 2023 07:56:11 +0000

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) Recovery 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 […]

The post Business Resilience & Information appeared first on Numbers Knowhow.