We are all in the same storm but we are most definitely NOT all in the same boat…..
Business disruption over the last few years has exceeded every expectation or prediction.
How a business has weathered the storm is impacted by many factors, but none more so than the forward planning undertaken by directors.
Understanding your business strategy and driving your business success is fundamental to growth, competitive advantage and sustainability.
Identifying and assessing risks is critical to ensuring you have your mitigation plans developed in advance, minimising the time it takes to react and respond to a crisis.
Unforeseen events are a normal part of any business life, how prepared your business is determines how quickly it responds and recovers.
Over the last 12mths, I have seen businesses in very different boats trying to weather the storm.
Some struggled, more than they should have. Businesses that had not identified possible risks to their stability and considered how they would manage significant disruption were caught off guard, scrambling to resolve problems as they arose and constantly playing catch up.
The prolonged disruption quickly took its’ toll and these businesses were financially impacted in ways that could have been somewhat alleviated or at least diminished.
Other businesses, however, were prepared, had access to finance, multiple revenue streams, alternative customer communication strategies and were able to mitigate risks and even take advantage of the opportunities presented by the crisis.
These businesses were able to react and respond, implementing immediate business disruption plans, thereby allowing directors to focus on the additional business adjustments that needed to be made.
Ensuring business stability and driving long term sustainability is all about PLANNING.
- Strategic Planning
- Operational Planning
- Cash Flow Forecasting – including access to short term finance
- Financial Statements Forecasting (P&L Budgeting)
- Risk Identification & Mitigation
- Other business specific considerations