Setting up your Business for Recovery and Resilience

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The Covid 19 crisis has taught us many lessons. We’ve learned that in the face of adversity, it is our ability to adapt to change that has made us resilient. An emphasis on Business Continuity Plans (BCP’s) is what softened the blow to proactive businesses from the predicted downturn of the economy during the first quarter of 2021. There is therefore a crucial need for continued proactivity in implementing strategies that nurture resilience for 2021, which will build momentum and allow us to ride the wave of expansion in the last part of the year.

Recovering from the Crisis

Recovery requires a two-pronged approach—creating tailored solutions while drawing lessons from history such as the 2008 recession and the Great Depression. According to Lizabeth Cohen, the Great Depression taught business owners to “embrace experimentation, accepting failures along with the path of success.” 

Recovery can also be achieved through revising marketing plans and exploiting the resources that are available to build and increase our audience. By utilizing digital marketing platforms such as LinkedIn, Google Business, and Facebook, businesses can continue to build an audience. This willingness to pivot in response to the crisis is what has allowed some businesses to weather a year that has been so damaging for so many others. 

Some pointers to Building Resilience

  • Nurturing Relationships and networking

Nicholas Jude attests that interactions should not be limited to team members, but should extend to all stakeholders, including suppliers, customers, and competitors. Communicating with customers on new products, content, and promotions helps build long-lasting networks formed on mutual understanding. Trusting relationships with suppliers allows for flexibility in credit payment options that assist in managing cash flow—a crucial element in a crisis. Though it seems contradictory, building relationships with competitors is vital, it gives us the opportunity to learn from them and view our own businesses with a fresh perspective. 

Making sure to adhere to ethical business practices assists in the development of positive relationships with our customers and our community creating a positive self-image and a strong backbone for any organization 

  • Reviewing the Business Continuity Plan (BCP)

Building resilience involves reflecting on value addition, new revenue streams, customer retention, new markets, as well as responding to customer feedback. Adapting to the financial viability of projects requires consistent evaluation to promote reliable cash flow and make accurate financial projections. 

For SME survival, it is important to take advantage of resources such as business disaster assistance facilities and emergency loans as an alternate source of funding during a crisis. 

  • Disaster Preparedness

All businesses are susceptible to natural or manmade disasters such as extreme weather conditions, fire, crime, or unfavourable macroeconomic conditions. Developing effective risk management strategies is crucial to surviving these uncontrollable risk factors. As Tactive, we prioritise creating these structures to give businesses the flexibility they need to bounce back from any disaster.

Book a free consultation to discover how your business can build resilience and benefit from economic growth in 2021.

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