Adaptive - Resilience


  • futureSME tools

  • What is it?

    You can think of resilience as an umbrella term which is used to describe the way a business survives and thrives, even when things go wrong. Resilience is key to sustainability and business continuity. 

     A resilient SME has three main capabilities:

    • Anticipate, respond and recover from disruptive events effectively
    • Transform when the current business model is no longer feasible
    • Adapt to changing circumstances

  • Why is it important?

    80% of companies without a comprehensive crisis plan vanish within 2 years of suffering a major disaster.” (Penrose, 2000) 

    Resilience is important to ensure not only business continuity, but also to protect your bottom line and create advantage over less adaptive competitors. Resilient organisations see an overall increase in their shareholder value and make a healthy recovery, whereas those organisations that fail to plan and deliver an effective response struggle to recover. They see a decrease in their shareholder value (Knight and Pretty, 1997).

  • How do I use it in my business?

    The steps involved in becoming more resilient are:


    Identify key stakeholders and build knowledge and networks to create trust (eg memberships to trade organisations, industry groups)
    Networking and Horizon Scanning

    Develop capacity to access to affordable finance when required
    Finance tools

    Establish systems and processes to anticipate, to prepare for, respond to and recover from a crisis
    Resilience Assessment tool and PESTEL

    Effectively manage and mitigate risks
    Risk Management, FMEA and SWOT

    Transform your business model when the current model is no longer feasible
    Change Management and Transformation Process

 

7 Tips for Effective Networking 

Risk Management Course