Current Issues | Owner-managed businesses | 21st April 2016
It is often said ‘nobody ever got fired for buying IBM’ and this typifies the buying process within many large organisations. This attitude makes the credibility hurdle much higher for smaller businesses to overcome. So how do you convince a potential client to trust your business to deliver on its promises regardless of the setbacks, interruptions and challenges you may face along the way?
The business resilience process
A bit like getting fit or losing weight, companies don’t become resilient overnight, but with specialist advice and a modest amount of investment, a significant improvement in business resilience can be achieved.
Having recently been through a rigorous process to update our own business resilience at Shipleys, here are three main areas on which to focus your business resilience efforts:
Understanding and documenting your critical processes, resources, risks, mitigations and risk transfer (insurance) is imperative. Design and implement plans to manage down risks to a tolerable level and recover critical business processes if they were to become interrupted for any reason.
Make sure you have processes in place to monitor all the factors that could change your risk profile and manage new risks down to tolerable levels. Be sure to regularly test your crisis management and business recovery processes.
Have expert support on call 24/7 (this will usually be through an external provider) to advise and work alongside your in-house crisis management and business recovery teams should the worst happen. This will ensure a fast and expert response to any incident you face.
We thoroughly recommend all of our business clients embark on their own resilience journey. If you would like to discuss any aspect of Shipleys’ own resilience programme or how to go about this within your own business, please don’t hesitate to contact us.
Specific advice should be obtained before taking action, or refraining from taking action, on any of the subjects covered above. If you would like advice or further information, please speak to your usual Shipleys contact.