The global pandemic brought tough challenges to businesses all around the world, revealing many gaps in risk management plans.
Did your business survive the tough times?
Or are you still learning how important it is to be ready for tough situations?
By making strong plans to manage risks, you can confidently deal with uncertainties and make sure your business stays strong in the long run. Keep reading to find useful tips and advice for business owners and leaders like you who are dealing with resilience and risk management after the pandemic.
Looking at Risks Again
After the pandemic, it’s really important for businesses to look at their risks again. This means thinking about lots of different things that could go wrong, like money problems, issues with how the business runs, changes in the market, and even problems with how people see your business. You need to figure out what risks are most likely to happen and make a plan for how to deal with them.
Not sure where to start? Take our 2 Minute Business Health Assessment to see what you’re good at and what you need to work on. Then, we can help you get on the right track.
Getting Ready for the Unexpected
The recent pandemic showed that global supply chains can have big problems, and this caused trouble for many businesses, even ones that don’t sell physical things. It taught us that we need to find weak spots in our business and make plans to deal with big problems.
Can your business handle a sudden shortage of workers? What if one of your suppliers can’t deliver what you need? Do you have a plan for how to talk to people during a crisis?
Read this article from PKF Mueller on “Managing Your Business through a Crisis: 6 Steps to Success” to learn from big companies and the tough times they faced.
Planning for Different Scenarios
Planning for the future now needs to be about thinking of different possibilities and testing how your business would handle them. You can’t just think about one thing happening; you need to be ready for lots of different situations. This way, you can make plans and use your resources in the best way. Stress testing means pretending really bad things happen to see how you’d deal with them, so you can be ready in case they do.
If you’re having trouble finding time to work on long-term projects like this, our Time Allocation Calculator can help you figure out when and who can work on it for your company.
Keeping Business Going
Making sure your business can keep going even during tough times is a big part of resilience and risk management. This means making plans to keep things running when there are big problems. Doing this helps your business get back on track fast and keeps the bad effects on your workers and customers as small as possible.
To do this, you need to know which parts of your business are really important and make sure you have backups for them. You also need to give clear instructions to your workers so they know what to do during a crisis. It’s important to test these plans regularly to make sure they work well.
Read this article from IT Convergence that talks about “5 Key Strategies” for keeping your business going. Use the ideas for your business and start protecting your team and clients today.
Having Backup Skills
One important thing for building resilience is having backup plans for when things go wrong. Sometimes people might leave their jobs suddenly, or they might not be able to work for a while. It’s important to have other people who can do their jobs if that happens. You can do this by making sure your employees can do more than one job or making sure different people on your team know how to do important things. This way, your business won’t be in trouble if something bad happens.
Even better, try to create a culture where people keep learning and share what they know so your business can keep going no matter what.
Are You Ready to Be Resilient?
We never know what problems might come up in the future. But if you make plans to deal with them and conquer risk management, your business will be ready to face anything. Start making a plan now, so you can come out even stronger when tough times hit.
At My Virtual COO, we help service-based health, wealth, and advocacy business owners optimize talent and systems to accelerate business success by improving the most important parts of the business, including:
- Growth, Profitability, and Impact Projections
- Organizational Design
- Lean Process Design
- Client Experience Documentation
- Productive Collaboration and Change Acceleration
- C-Suite Training