10 Steps to improving business resilience during challenging economic times

Recently, I had made a professional HR business owner aware of all the economic and Brexit related considerations from a HR perspective.

They were both shocked and said they found it scary (their words).

Their next sentence said it all, “I think we are all under estimating the depth of impact that we are sleep walking into”.

Time is running out before we leave the EU and recent statistics and warnings from industry bodies are now making comparisons to the picture in 2009, during the last recession.

If indeed, business leaders are ‘sleep walking’ through this then it’s time to wake up as failure to act to protect their business may result in being a long-term regret.

 

10 Must-Do’s to Improve Business Resilience

Managing resilience underpins business continuity during challenging times.

The resilience of many businesses is now being tested and challenged with futures threatened.

The following 10 stages to business resilience must form part of a single cohesive plan, managing them all independently will not achieve the same successful result.

  • Ensure you have access to sufficient working capital or funding as a contingency in the event you see increased costs, lower sales and falling profits.
  • Create a great working environment with happy, fully engaged, resilient and dedicated staff as this will provide service stability and customer confidence.
  • Fully optimise your customers experience understanding the resilience of their demographic, could economic uncertainty lead them to cut back on your offering?
  • Assess and measure the resilience and price of your products and services and their related suppliers, it is vitally important to assess the resilience of your offering and supply chain.
  • Regularly carry out competitor analysis ensuring you stay ahead, be aware that if your competitors are embedding resilience and planning for change and you’re not the result is huge risk for your business.
  • Closely and regularly monitor economic and external factors, be proactive in understanding what is happening with Brexit and our economy that could affect your business, suppliers or customers.
  • Regularly review and maintain a log of risks, weaknesses and threats, it is much better to what is looming and ahead.
  • Invest time in exploring related and unrelated opportunities, as with most changes there are opportunities and if you are not exploring and taking them up someone else will.
  • Continually review, challenge and update your strategic direction, changes to the economy since Q2 2016 have significantly impacted the ability to achieve a strategy since, ensure any new strategies include an economic assessment and review them regularly.
  • Identify and assign a business resilience owner and effective process, short or long term as this will embed continued resilience within the business.
By |2019-01-08T13:33:33+00:00January 8th, 2019|Uncategorized|0 Comments

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