This week’s topic is Business Resilience – a topic that is important for all businesses large and small.
It is the ability of your business to continue operating in the face of major changes and potential external events. It is sometimes referred to as “Disaster Recovery” or “Business Continuity” – where the focus is on having a plan to enact should some event occur.
Business – interrupted
Our resilience was tested to the max at the start of lockdown in March 2020. We had to find ways of continuing to service our clients (if we still had any clients) from our homes (for the most part) making use of the tech available which many of us had to learn “on the hoof”!
Many (probably larger) businesses had a plan to dust off in the event of staff being unable to get to the office for a few days. For example, many businesses put together a plan after the so-called “Beast from the East” to enable people to work from home – but this was a whole new level.
The original plan was probably for key workers in each organisation to have contingencies in place to enable them to continue working and for others simply to await a return. I don’t think many businesses thought it might go on for months – and for there to be a corresponding change in demand for their products and services.
It was also compounded by the fact that many insurance companies declined to pay out on business interruption claims – a position since mostly reversed.
So as small(er) businesses I think this is a good time to review what you did last year and see what you have learned – but also to make sure that you have plans in place for any new challenges that may come along.
For example, there is a worldwide shortage of certain types of electronic chips and shipping containers. (I am deliberately ignoring any other current shortages or supply chain issues which may or may not be related to more local circumstances!)
So what does that mean for your business?
Well – for my business, at first sight – very little. I don’t manufacture anything with electronic components and I don’t ship products overseas.
BUT – in our global economy any supply chain issue affects us all to a greater or lesser degree at some point.
Laptops may become scarcer and more expensive, for example. And just about everything “comes with chips” now – even kettles!
Anything that affects the supply chain has a ripple effect – it may affect your suppliers or customers – and ultimately you or your business.
Take some time in the next week or so to look at your business and consider what external threats may cause you a problem.
Cyber Threats
Don’t forget cysersecurity either. Don’t think that hackers aren’t out to get you or your business. Sadly, they are often just opportunists – they have code rambling through the ether just looking for an open door somewhere – and if that’s your micro-business then they really don’t care. You’ll get infected with ransomware or they’ll compromise your bank or your personal details. A few hundred or thousand dollers from you and a hundred other small business makes it worth their while.
There are lots of resources to help you protect yourself from cybercrime, so make sure you check them out.
And remember – much of the time you or your staff happily “hold the door open” for the criminals. We open links, we answer silly quizzes on Facebook (and then complain we were hacked, when in fact we let them in). The scary thing is that you often won’t notice any issues for weeks or even months – they just quietly place the code on your systems, then help themselves later. It’s a bit like coming into your house and copying your keys, then walking in a month or so later.
So – plan for the future – look at all the external and internal threats to your business – and take steps to stop a minor issue become a big problem!
Get in touch if you’d like to chat about how I can help.