Your business thrived because of your aspirations, focus on consumer needs, competitiveness and marketing niche. But will your business survive if large-scale factors begin to pose severe risks for your company? Is your business resilient enough to withstand harsh economic conditions, a financial crisis, environmental disaster, and even other heart pounding scenarios?
Business’ resiliency can be defined as its ability to withstand epic scenarios factored out by consumer perception, significant interest rates, inflation, labor, natural calamity, and political issues. If let’s say, a big tariff change is about to be implemented, will your business be ready for its repercussions? If a tidal wave hits the city where your business is centered, will you be able to start production and operations back up promptly? A resilient business is capable of bouncing back from any adversity. To help you weather any proverbial storm, here are some ways to make your business resilient.
Make A Business Continuity Program
Create a plan that is focused on the processing and steps of your very own business continuity program. Unlike risk management, that is used as a first aid to any situation, or an immediate control or response to any condition, a business continuity program is about being able to minimize production impact, and prevent extensive loss.
For example: a hurricane or typhoon is about to hit your city and you can’t afford to stop your business because the service you offered is on a 24/7 demand configuration. Rather than announcing that there will be no work for your employees, you ask them to stay in a nearby hotel, or similar accommodations, to ensure that they can immediately go back to work the moment the weather has passed.
Create an Inspiring Business Mission
A mission statement is a short description of your business goals and focus. It is composed and directed at the main demographic who will see it done – the employees and individuals who make up the business. Its main purpose is to have an inclusive and collective understanding about the company’s direction and goals.
An inspiring business mission can help your business be resilient by attracting the right talent, and enhancing focus when challenges arises. People, subtly, can be persuaded by your business’ mission statement. It makes them rally for something when they do personally believe in it. An inspirational mission statement can help build the right mindset, attention, and focus, when corporate challenges like economic downfall, market competition, or production failure. It can help them be motivated, and get the sense of feeling that they belong to a group of dedicated people.
Flexible Supply Chain
As a business owner, you must know that being reliable to one, or several, vendors, suppliers or customers is a downfall in the long run. Not only does it keep you limited and restricted from achieving business growth, but it also puts you at risk for problems associated with limited reach.
For example: if you heavily rely on a vendor or supplier based, in a region hit by economic turmoil, a natural disaster, or grief-stricken by a worker’s strike, then you are bound to have disrupted production. It is important to learn how to properly distribute your needs, and ensure that you have a protected supply for the production of your products.
It also pays to keep your supply chain system in check. Be open to other strategies like having like back up transportation, rather than pleading for the pity of logistics companies, or keeping an open mind and network of other courier services or delivery platforms.
Have Cyber or Online Presence and Security
Businesses having some form of online presence is nothing new today. In fact, it has become a necessity for a business to have a cyber presence, in order to stay afloat in the competitive market. Not only are you able to attend to your client and customers’ need 24/7, but also get the chance to reach out to markets that are widely dispersed geographically.
In addition to having an online presence, it is also important to always have an up-to-date cyber security protocols and standards. A digitalized company has a lot of critical information available in the cloud, making them vulnerable to cyber-attacks from hackers. To prevent loss from hackers, it is important to practice strong cyber protection and practice.
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