I’ve worked with many companies, and found what resilient companies have in common:

1. Resilient companies have a focus on long-term sustainability.

For many companies, resource limitations can make it hard to look past next month, let alone next year. However, the companies that have the best chance to endure whatever the future holds are the companies that are constantly thinking about the that future. With a longer-term vision in mind, these businesses are more likely to consider things like pandemics or market changes or technological malfunctions and the impact these events could have on the business.

2. Resilient companies manage risk differently.

The second difference among business resilient companies was their approach to risk. It seems that despite the type of risk, the executives of resilient companies are not willing to take as much risk as their unprepared counterparts. Furthermore, these executives think about risk in relation to time. For example, rather than asking, “What would happen if my company experienced downtime?” they ask, “How many minutes/hours of downtime could my business sustain before critical functions or processes are jeopardized?” By taking risk this seriously and addressing it with this much attention, businesses are motivated to take action toward deciding what risks are acceptable and what risks need to mitigated or insured.

3. Resilient companies see business continuity plans as a competitive business advantage.

The last difference is that business resilient companies see the time and energy spent on business continuity planning and management as value being added to the company. We believe this is because these companies understand:

When a calamitous event clobbers an industry or the overall economy, companies fall into one of three categories: those that pull ahead, those that fall behind, and those that die. The disruption itself does not determine your category. You do.Jim Collins & Morten Hansen

 

Resilient companies know that when a crisis does occur, they will simply execute a plan while their unprepared counterparts will be scrambling to come up with one. Because of this, these companies know that when a crisis occurs, their customers and cash flow are not going anywhere. The same cannot be said for the unprepared. In this way, business continuity planning gives companies a significant competitive advantage.

When the market and/or competitors stumble, Resilient companies grow and become even stronger.

—bill

Bill Douglas is an accomplished Strategic Advisor, helping companies grow and become stronger. He can be reached at bill@resilienceguy.com http://www.resilienceguy.com