How Resilient is Your Business?
Updated: Apr 20, 2020
There is a lot of available information out there about how to harness and build personal resilience in these uncertain times, but what about the health of your business? How can you transfer some of your personal resilience to ensuring that your business can face this challenge, and recover?
Our businesses must be flexible and adaptable to the “new normal” in this ever-changing environment.
Focus on what is within your control
Read, research, listen, and learn
Keep updated on the current situation of your business. What is happening in your industry? What are other businesses doing?
How can you reduce, or remove, non-essential spending? Can you defer or spread payments? Put processes into place to be able to quickly ramp up again.
Plan. Create a cash flow with varying forecasts on operational ability.
With what you know, what does your business look like in each of the four alert levels? Conduct a SWOT analysis for each stage. What could your business look like?
Concentrate on what you can achieve
Are there emerging opportunities, or an alternative approach as to how you operate your business?
Broaden your scope. Could this situation present a new direction for your business?
Are you able to diversify, or maybe consider different market options and revenue streams?
Regardless of your eventual ability to operate again, the landscape is going to be altered. You can proactively prepare for your response even if you are uncertain what it may look like.
This situation is tough, and it is challenging. It is forcing people to think creatively and outside the square. But if you can maintain your personal resilience, together with your business resilience, you can get through this.