Maintaining a resilient business
Unexpected occurrences, such as natural catastrophes and disease outbreaks, may have a negative influence on any company. It is vital to improve operational resilience and business continuity planning to ensure that your staff stay safe and productive while your organisation keeps running.
The notion that processes must be kept for businesses to withstand unforeseen occurrences is the first step toward business resilience. Individuals must be trained and taught on how to respond appropriately during a chaotic scenario, which is an often-overlooked issue of corporate resilience planning.
What does it mean to be resilient in business?
Resilience is the ability to protect and grow value in the face of rapidly changing external conditions. To establish and sustain resiliency in your business, you must reduce the negative aspects while keeping the ability to respond to opportunities that may arise.
The complete and standardised management of all processes to detect and mitigate risks that affect a business is known as Business Resilience Management (BRM).
How can we maintain resiliency in business?
A company is resilient when it can effectively handle and react to unanticipated crises while maintaining operations and protecting the interests of its consumers.
Below is a list of some of the things you can focus to build and maintain resiliency in your business.
1 - Change management - One of the ways to be resilient in company is to identify what needs to change and is changing quickly. For example, in 2020, because of COVID-19, retail companies and physical store locations that successfully transitioned to online retailing by establishing an e-commerce platform were able to weather the rapid drop in in-person shopping, while those who weren't quick enough had to close their doors. You may start mapping out the change process after you have a clear picture of where you are now and where you want to go. The following are some of the attributes of a change management process:
People Focused - Ensuring that you have the right people in the right positions, and choosing people based on their mindset as much as for their abilities and skills.
Make Clear Plans - Making a clear and understandable plan with measurable, feasible and acceptable milestones and metrics.
2 - Leadership - Leading with empathy and awareness can help in maintaining resilience. As the case was in 2020 and 2021, 2022 is likely to present a lot of uncertainties, so as a leader, below are some insights to keep in mind:
Stay nimble and adaptable to challenging circumstances. Changes and uncertainty will still be part of us for the foreseeable future.
Be informed and conscious of how the pandemic has negatively affected your employees. They may have suffered economic problems, emotional issues from isolation, or even lost some friends or family members. You can’t have a successful business if your employees are not in the “right” headspace, so they need to feel your support and know that you care and are committed to their well-being.
3 - Take a collaborative, systems view - This requires systems thinking and systemic solutions. Systems thinking is a means of looking at the world's complexity in terms of wholes and linkages rather than breaking it down into its constituent components while in systemic solution, you change the basic way it operates by altering the structure of a system's essential feedback loops, systemic solutions. This will heavily depend on collaboration among employees, customers, and other stakeholders.
4 - Measuring beyond performance - Flexibility, adaptation, and other factors must all be measured to develop a long-term firm. Simply looking at perks or capabilities can do this.
5 - Risk management plan - Every organisation should have a risk management plan in place that examines and identities potential risks, threats and challenges it faces. This should be carried out daily. In addition, you should analyze your risk level periodically with your Board of Directors.
In summary, for a company to maintain a resilient business, it must be proactive in nature to prevent and unwanted risk which can cause a huge negative impact on its success. COVID-19 Pandemic has shown the importance of Business Resilience Management.
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