Building Business Resilience – 5 tips on how to do it and why you should
If the past two years have taught us anything, it’s that our businesses need to be just as resilient as we are! Is your business resilient? Can it adapt in times of change in order to keep afloat?
Picture this… when COVID took over and gyms were forced to close, some fitness class instructors were able to show business resilience by taking their classes online. Sure, they may have lost some clients along the way, but by adapting, they were able to continue serving clients. But what about the local barista? While she is forced to shut the doors of her retail premises, while she may be able to sell coffee beans online, the majority of her revenue is lost until she can physically open her doors again. So what happens now?
Planning! That’s what happens… plan on how to build business resilience so that you can stay ahead of the game in times of unexpected change:
1. Agility – prepare a clear strategy and plan for disruption. Organisations that have this structure allow for swift responses when unexpected change occurs.
2. Financial – revise short-term cash forecasts and adapt your cashflow models to ensure those downhill business times are taken care of and cash is still flowing.
3. Your people – it is little surprise that your people are the key aspect to business resilience. Staff need a leader during times of change. Their physical and mental needs are so important and communicating with staff is paramount.
4. Supply chain – dependency on one supplier can be problematic and can highlight vulnerabilities in your supply chain in times of change. You need to diversify where possible (this could be with suppliers; product mix or service being offered).
5. Technology – ensure you have the right people here to ensure the IT you depend on in your business can respond swiftly in the event of any business disruption and/or change.
After being a small business owner for 25 years, I sold my business to concentrate on my true passion: people.
I want to help you find your WHY and your HOW, and to make the necessary changes to improve your business and personal life. Taking control of where you are, but more importantly where you want to be, is what it is all about.
You need to work out what is stopping you, and what changes need to be made or improved on, so you can move forward with gusto and determination. Go get the life you want, it's ready for you!
I’d love to hear from you. x TM.
