Blog Post
The importance of Business Resilience
How ready was your organization to respond to the health crisis that hit our society? Whether the reply to this question is positive or not, surely you understood the importance of business resilience.
Business resilience is an organization's ability to promptly react and adjust to disruptions or sudden changes that could jeopardize multiple aspects, including operations, people, assets, brand, or reputation.
Preparedness is fundamental because the readier you are to manage unexpected and unplanned changes, the shorter and less damaging the emergency will be.
As a start, you need to focus on the most critical aspects to maintain your business as stable and efficient as possible, namely technology, operations, workforce, data, and finance.
First, your organization needs to ensure the availability of key technology and nurture the core business procedures and functions. Another important aspect is a motivated and adequately trained workforce. Data should also be managed cautiously to guarantee confidentiality. Ultimately, you should be capable of retaining liquidity and assets.
Do not forget that business resilience is a cultural phenomenon. Therefore, you should care that all the people involved have a shared vision, objectives, and values. Creating such an environment is crucial, so none of your employees will question your decisions when changes arise. In particular, they should be able to prioritize the collective good over the individual. Also, in this context, you must build a flexible environment where your team is trained in different sectors rather than be specialized in one only.
It is also fundamental to dedicate enough time and space to scenario planning, continuously monitoring where your business field is heading, as well as the social, political, and economic situation. This type of mindset won't only be helpful in times of disruption but will also help your organization stay updated with the latest directions, boosting competitiveness and profits!
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