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Business Resilience: How can you prepare?

Today’s business world is uncertain and disruptive. Conditions are volatile and businesses have witnessed unexpected circumstances in recent times. Business resilience has become an increasingly crucial prerequisite to succeed in the corporate world. Business owners can build resilience by minimising the downside while analysing the opportunities in the changing conditions. 

How can you prepare our business?

Like many other crises, pandemic revealed the hidden vulnerabilities of businesses and why it affected their business the most. Pandemic was definitely an eye opener for many businesses as it showed them hidden aspects of their businesses that they were unaware of. It gave them a chance to bounce back with a holistic reliance strategy that can help their business thrive in different circumstances. Here are some challenges that businesses had to face and how they tackled them:

• – Organisational Challenges: Since the pandemic began, a drastic change happened in the work operations. Remote working was escalated, which required a secure cybersecurity system, effective cyberstrategy. Though it was challenging to set up a remote system in such a short time, business leaders were quick to explore new avenues and technology that can help them maintain work quality, high performance and the well-being of their employees.

• – Technological Challenges: In the time of crisis, when remote work became a necessity, it also gave an opportunity to cyber hackers to attack the vulnerabilities of businesses. However, many organisations knew the risks and prepared cyber defence strategies before-hand to avoid any potential risks. Many organisations got professional help to develop a strategy that can identify gaps to protect companies from any data breach.

There were other challenges also that businesses had to go through during the time or crisis. These are the proactive measures that businesses should take if any new crisis accelerates in future. Pandemic taught a lesson to everyone that the world is an uncertain place, so you need to prepare your business to survive in the worst possible conditions. Businesses should focus on developing  financial, technological, operational and organisational resilience. This will help them gain competitive advantage in the tough times.