Building business resilience is crucial for ensuring that your company has the means and processes in place to survive hard times. This is particularly topical in the current economic climate where the cost of living crisis has put many businesses under huge amounts of pressure. Improving resilience in business will help to keep your company stable when hard times hit. Here are 5 key tips to help you achieve this:
Reshape Your Workplace Culture
People are your foundation when it comes to building business resilience. Re-shaping and strengthening work culture is critical for building a strong workforce that is agile and flexible to the changing needs of the business. It’s essential that your workforce feel united and passionate about what they do at your company, so that your team as a whole can respond to difficult periods effectively.
Manage Cyber Risks
Cyber crime is one of the biggest threats to modern businesses, and so ensuring you manage cyber risks efficiently is a key part of building business resilience. Improving your knowledge of the main cyber threats will enable you to put the necessary precautions in place to protect your company. This will allow you to develop effective responses to breaches, and improve the monitoring of the digital security in your company.
Be Responsive To Customer Requirements
Maintaining customer loyalty is crucial for enhancing business resilience. It’s important to keep on eye on your customer’s needs so that you can adapt your strategies accordingly. Focus on how you can better your insights into your customer’s experiences, whether that’s through more regular market research or by updating your technology. Knowing your customer base is essential for building brand loyalty whilst also ensuring that you can continue to attract new customers.
Strategically Manage Your Supply Chain
Supply chain disruption has been one of the biggest challenges facing business in 2022 and into 2023. Supply chain issues are often a symptom of widespread economic instability, and can cause serious issues for businesses when they’re unable to get the goods they need, when they need them, and for the right price. In order to ensure the continuity of business during supply chain disruption it’s important that you’ve identified backup suppliers and diversified your supply chain so that you’re not overly reliant on one single supplier.
Safeguard & Improve Your Technology
When used strategically, the right technology can be invaluable for helping you to grow your business, and remain stable in turbulent times. A key part of this is automating processes where possible. This will enhance productivity, helping you to improve organisational performance, which in turn, could help you to lower your overall operational costs. This will also help you to expand your company, and stay ahead of your competitors.
What To Do If You’re Concerned About Your Business
Building business resilience is essential for helping prepare your business for a recession or uncertain times. However, there will of course sometimes be factors outside of your control that can jeopardise the health and stability of your company. If you have concerns about your business then it’s important to seek professional advice as soon as you can. Our experienced team at Ballard Business Recovery can provide tailored advice for your company, advising on the best steps to take for moving forward. Whether it’s formal recovery proceedings, such as a Company Voluntary Arrangement (CVA) or internal restructuring/ refinancing, we can advise you on all the options that are available to you. Please don’t hesitate to get in touch with us in order to discuss the difficulties that your company is currently facing.
