Protecting your business with an actionable resiliency plan could mean the difference between business continuity or closure.
What is Resiliency?
Simply put — resiliency is preparedness. Applied to small business, it’s the development and careful execution of an action plan to help minimize loss of cash flow during a business interruption, much like the Coronavirus, which would allow your business to continue operation.
Example: A retail store is pivoting its marketing strategy to focus on internet ads and online sales in response to regulatory policy such as social distancing.
Most entrepreneurs know that a well-conceived business plan is critical to the success of a new business. It should be just as clear that a business resiliency plan will be critical to the sustainability and success of your business.
Every business will face an unexpected disruption at some point. The planning you do now can mean the difference in how quickly—or whether—your business recovers.
There are many factors to consider when developing a resiliency plan. But as the old adage goes, “failing to plan is planning to fail”… so we urge our clients to prepare for the unexpected by developing a practical resiliency plan.
While no one person can prepare for everything, each person can prepare for something.
Below are a few things to think about when outlining your resiliency plan:
- Having an easy-to-use, easy-to-update website
- Communicating with customers
- Updating important business information on your Google My Business listing
- Adjusting inventory cycles
- Selling to alternative markets
- Supply chain interruptions
- Key personnel and employees
- Utilities and special equipment