If Covid-19 has taught us anything it’s that nothing is permanent and as the saying goes, the only constant in life is change. Even before we found ourselves in the grips of a pandemic, the business world was constantly presented with new technologies, legislation and attitudes that disrupted the status quo. So whilst trying to plan for every possible global disaster may be a little farfetched, there are things you can do to make yourself, and your organisation, more resilient.
Business Risk Analysis
For those of you who missed our article earlier this month, a Business Risk Analysis is a tool that can strengthen your operational resilience. By identifying incidents that could bring crisis to your organisation and devising a strategy on how you would tackle them, you are in a better position to deal with them should they arise.
Focus on short term goals
Whilst business strategy is about playing the long ball, during times of uncertainty it helps to reduce your vision and focus on short term goals. By breaking your objectives down and tackling them as smaller tasks, you will continue to work towards your goals without stretching your resources and overwhelming your employees.
Cash flow management
Cash flow management is vital and during uncertain times you should focus on stabilising your operating cash flow. Focus on operational activities that will continue to put money in the bank whilst making cuts to lower expenses. However, you should ensure that you always have enough money set aside to see you through unforeseen events that may impact cash flow.
Whilst of course you want to ensure that candidates for a particular role can actually do the job, their success and what they can bring to the table goes far beyond their qualifications and experience. Broaden your vetting criteria and consider self-motivation, independence, flexibility, resilience and emotional intelligence when hiring employees.
Engage with your workforce
You play a role in helping your workforce become more resilient. During times of change, be sure to clearly communicate with your employees. Keep them up to date with changes that are happening and where applicable, the challenges faced – you may be surprised at the solutions they could bring. You should also pay attention to the morale of your team, monitor their engagement and be more present in the business to reassure your workforce that you are with them.
Manage your expectations
It can be hard to find yourself in a position where the survival of your business has been taken out of your own hands. This vulnerability can lead to knee jerk decisions that can often have negative long term results. Accept that your output may be effected in the short term, and try not to let that cloud your judgement. Do what you can to navigate through crisis and focus on your recovery once you are out of the other side.
Get your insurance sorted
Business insurance is designed to safeguard you from the risks associated with running a business. Its main purpose is to protect your company from unexpected and costly events or accidents that may occur. As a business owner you’ll want to think about your business risks, and the insurances you’ll need to cover them. Different insurances cover different risks and you should be sure to check what is included in your policy.
Covid-19 brought the world to a standstill, and the effects of the pandemic will be felt for years to come. However, even moving away from Covid-19, the business environment in itself is becoming more dynamic and unpredictable. Working towards becoming more resilient will help to safeguard you from unexpected events that could jeopardise the success of your business. Start improving your resilience today by ensuring you are fully covered with business insurance from constructaquote.com. Speak to the team today on 08081 68 68 68 or get a quote online here.