4 Things You Need to Know About Business Resilience

Business Resilience

As a business owner, you might have heard the term ‘business resilience’ thrown around or not.

This concept is something that doesn’t seem to make it into most business plans, but it’s something that every owner needs to think about, at least on some level. Here’s what you need to know about what it is, why you need it, and how to plan it. 

What is Business Resilience?

In simple terms, business resilience refers to an organization’s ability to adapt to emergency situations and unexpected circumstances while keeping business operations afloat and its staff and assets safe.

Business resilience is disaster prevention, disaster recovery, and related plans and strategies intended to manage security, finances, and other factors in the face of an issue. It involves efficient and effective workflows, IT and cyber security, supply chain, and operations.

What this might look like for you as a business is having a business resilience plan, in which you consider various potential risks and come up with a plan for how they might be managed or avoided. 

How to Handle Risk

Brainstorming your risk management is only step one. You’ll need to have a detailed plan including various elements of business resilience, as mentioned above. There’s almost no side of your business that should be left unconsidered when it comes to risk planning and crisis management. 

Using one platform to plan and manage these factors is another excellent way to ensure you effectively manage this area of your organization. For example, a GRC platform by ServiceNow allows you to connect business, security, and IT for a more integrated approach. 

Why is Resilience Planning Important?

If nothing else, the Covid-19 pandemic taught us the importance of having emergency plans for our businesses in place. Businesses of every size learned that they needed to be able to adapt (and quickly) to vastly different work environments. 

Enforced shutdowns and social distancing protocols made remote work the new normal – this is just one example of serious changes that might have to be made at the drop of a hate. Risk management aims to ensure that your company can keep operating even in the face of serious challenges such as these. 

Who Should Manage Business Resilience?

There is no correct answer to this question. As the owner of your business, you should take matters into your own hands, assign the responsibility to a manager, divide the duties between various leaders or even hire a special team for the job. 

The most crucial factor to consider here is that you’re hiring the right employees, regardless of the position they’re intended to fill. This in itself plays a role in risk management! 

Final Thoughts

You might realize now how important business resilience is. If you don’t have a risk management plan in place, the best place to start is by doing some research and even getting in touch with a professional who can help 

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