Business Resilience Strategy
Updated: May 29, 2020
There’s a proverb that goes: “The best time to plant a tree is 20 years ago. The next best time is right now.” Your enterprise may not have had a written Business Resilience Strategy which prepared you for COVID-19 but this does not mean you should not be building a business resilience strategy during it, to get through the current crisis and also as a buffer against the next crisis. A Business Resilience Strategy is a “must have” for all business enterprises. A Business Resilience Strategy is as much a tool for surviving as it is for thriving. Now is a good time to plant the seeds for short, medium, and long-term resilience which is organized into a written plan.
What Should be Analyzed. A Business Resilience Strategy is founded on the concept of simultaneously bouncing back from the market chaos while surging forward into uncertain markets. The business concerns we analyze to develop a Business Resilience Strategy include management, revenue, organizational structure, finance, operations, market participation, redundancy, agility, and business cycles.
Proper Vetting. We believe there is value at looking for the pain points, dependencies, vulnerabilities, and hot spots. We vet the stakeholders and the weaknesses in the relationships with the stakeholders.
Predetermine Responses and Automated Actions. We pre-program and automate responses and actions to reduce error and minimize response time by creating predetermined communication protocols, transparency and authenticity check points, preset dissemination of information channels, IT redundancy, supply line monitoring protocols, and customer relations pre-sets.
Advanced planning strategies include:
· Negotiating cancellation or service suspension clauses into all future supply contracts.
· Negotiate liberal Force Majeure clauses in all agreements.
· Negotiate credit with banks and suppliers.
· Site selection approval for facilities and location of IT assets.
· Create vendor redundancy.
· Solidify supply chain and logistics alternatives.
· Management succession.
At The Venerable we create innovative strategies for your business to respond, absorb, and adapt to as well as recover in a disruptive event. The Business Resilience Strategy we design for your company is expected to allow your company to be able to resist an extreme event; after the event, it should be able to rapidly recover its functionality similar to or even better than the present level.
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