BLOG: Developing a Business Resilience Strategy

Resilience can be defined as the ability to face challenges and rise above them. How does this apply to your business?

BLOG: Developing a Business Resilience Strategy

You need to be able to adapt to disruption in many forms.  From dealing with personal issues through to workplace or cashflow stressors, resilience is crucial for long term success. Preparing for the unexpected is challenging, but there are ways to help future proof your business.  When creating a business resilience strategy, one of the first things you can do is prepare a SWOT analysis and identify your:

  • Strengths

  • Weaknesses

  • Opportunities

  • Threats

Agility - responding quickly to disruption

Volatile times bring disruptions, interruptions, and setbacks. Even the most successful companies can’t completely avoid problems. For example, companies at the top of their game can have times when they are blindsided by a competitor or lose momentum and must play catch-up. The best success stories often involve a left-field strategy to climb out of a hole and bounce back. It’s important to be agile, and be able to respond quickly to change as required.

I currently reside in Christchurch, New Zealand which experienced a catastrophic earthquake in 2011 culminating in major destruction of the entire CBD.  Devastating on many fronts (including a tragic loss of life), for businesses without a Plan B this has also been disastrous.  Out for lunch in the city centre on the day of the quake, I saw livelihoods crumble along with the buildings.  Successful businesses to emerge post-quake have had to complete re-think their whole business model.  From using social media to spread the word about relocations to developing new online markets, many creative solutions have been found.

How resilient is YOUR business:

  • Would it survive the “Bus” test?

  • Have you implemented a SWOT analysis?

  • Do you have a Plan B?

Consider implementing your own business resilience strategy.  It’s better to consider your options sooner, rather than wait until your options are limited by factors outside of your control.  Regularly taking opportunities to develop the full potential of your business will set you up for long term success.

Michelle Polglase PracticePlus

As General Manager for PracticePlus, Michelle is inspired by innovation and on a mission to provide the best website solutions for accountants and bookkeepers globally.