How to Make Your Business More Resilient
If you went your business to survive and investors to continue contributing to your enterprise, you need to build business resilience. This means creating a strong foundation of diversity in the revenue streams and distribution networks. It also means creating much better cybersecurity.
Multiple Cash Flows
When it comes to building a resilient business, you need multiple cash flows to create security and reduce risk. While startup businesses might only have a single stream, they should strive for more as quickly as possible to protect the business if the primary cash stream dries up.
Not only do multiple cash streams create security and resilience, but they can also help you to obtain investment. Investors are interested in exciting business opportunities with low risk, which is what you're aiming for if you want to protect your business from unforeseen disasters.
Ever since the Covid-19 pandemic, distribution networks have become a key part of building business resilience. Many companies had issues with unusable stock or stock that was mismanaged when lockdowns came into force, which caused some businesses to shut down.
These days, companies must compete with Amazon, which has set the bar extremely high when it comes to instant delivery services. They must also organize stock so that nothing is lost if borders are closed. As with revenue streams, distributions networks need to be diversified.
Emergency Relief Services
The good news is you are not alone. When it comes to unmitigated environmental disasters, the government is there to protect businesses. Since the Covid-19 pandemic, a series of measures have been put in place, offering businesses small loans and support to keep them operational.
Don't wait until the next natural disaster to make the most of these resources; instead, investigate what's on offer and store the information in a digital and physical location. Understanding how to keep your business running in the face of challenges reduces risk.
During the Covid-19 pandemic, there were many businesses that had to let staff members go; there were simply not enough resources to keep them on in the face of such a catastrophe. This is fine if your business has a smart staffing strategy that allows you to downsize and run things.
In terms of staff, it's best to have a combination of full-time employees that make up the core of your workforce, along with freelances and contract workers who can be offloaded if disaster strikes. Use staffing services to hire the right people for the right roles and secure the business.
Security and Cloud
If the Covid-19 pandemic taught us anything, it was that we need to expect the unexpected. The reality is that threats to the business can come from anywhere, and they can be unpredictable. That said, it makes assent o cover all of the predictable threats to narrow the odds of closure.
One such threat is cybercrime which has boomed during and after the pandemic. Partner with a managed service provider to check and test your network regularly. Additionally, you will want to store your company data on a secure cloud service to protect it from any data breaches.
It’s also vital to look into the future of the cloud, especially in relation to remote working. Software-defined wide area network, commonly abbreviated to SD-WAN is one such area that has supported business infrastructure to help remote workers and business work better together. The article What is SD WAN? can give you more insight into this, but this is just one example of the scope of cloud and IT security moving forward. It’s always vital to understand, or have people that understand, how systems will change in the face of evolving threats.