Article written by Graham Fitzpatrick, Business Advisor, Western Sydney Business Centre.
One of the things we have been hearing a lot about as a result of the Pandemic, Bush Fires and Floods is Business Resilience. So, what is it and why is it important?
Business Resilience by definition allows businesses to adapt quickly to disruptions, maintain continuous business operations and safeguard people, assets and brand equity. Resilient businesses are best placed to survive an economic slowdown and ride out uncertainty.
Your staff are key asset when it comes to how resilient your business is. Having transferable skills should be high on the list when it comes to employing staff. Transferable skills relate to staff that have a range of skills that are useful to employers across various jobs and industries. For example, communication, technical and problem-solving skills. Employees that are very adaptable is also a big plus when it comes to being resilient. Upskilling your staff is also vital to your Resilience planning.
One of the big issues that we have all experienced at some time due to pandemic was the loss of key personnel. Businesses need to identify who are your strongest, most important players are and understand what critical skills and knowledge gaps would exist if they are away for an extended period of time. There is also the need to be aware at all times of what your employees are working on and what processes they follow to complete their work.
Communication is also important when it comes to be more resilient. Providing staff with context is important. There is no such thing as over communication in times of crisis. Involving your staff in the planning process is also important to ensure engagement and commitment.
The other important factor in all of this is you. Business owners and manager need to be able to make plans and implement them. Today’s leaders need to have an agile mindset and be responsive. Being optimistic and looking for new opportunities is important more than ever before.
The mental health of you and your team is also important. Makes sure that everyone is aware of what support is available and make sure that everyone looks out for one another.