What is Business Resilience?
Originally, the term resilience was employed in physics, ecology, and psychology texts to mean the ability of an object, an ecosystem, or a person to recover from internal or external difficulties.
Since the year 2000, the concept of business resilience has evolved into the need to quickly respond to changes in the business environment. Often guidance may be essential to wade through the masses of information available ensuring a clear understanding of what it means to have your business be resilient.
Commitment: Business Culture and Leadership
Business resilience is a substantial part of managing a business strategy. It requires commitment from the Executive Leadership (C-Suite) and a different cultural approach. Being aware and prepared for simple risks creates a resilient environment day by day. There are ample opportunities to show your team business resilience examples.
Threats and Events: Identification
Understanding the goals of your organization, its processes, and how the stakeholders communicate with each other. Identify opportunities, assess threats and, predict the probability of events to happen. This can be a difficult and sensitive area; sometimes third-party guidance is beneficial.
Being Prepared: Mitigation and Avoidance
After completing your assessment, it is time to create a robust plan to mitigate, avoid, and possibly eliminate the risks. Sometimes, major changes will have to be implemented to guarantee an acceptable risk level.
Adaptability: Reassessment Discipline
It is highly recommended to constantly assess and reassess your plan. Internal and external changes can drastically impact your strategy.
Positive Outcome: Focus on Opportunities
Last but certainly not least, focusing on opportunity while managing the risks is certainly the greatest outcome of an outstanding business resilience strategy. It could be:
- Cost reductions
- Improvements to your inventory of systems and processes
- Reliability improvements
- Introduction of new technology
- Increase in customer or employee satisfaction.
