Resiliency can be defined as 1) capacity to recover quickly from difficulties; 2) toughness and 3) elasticity. For a current business owner that means responding to challenges while maintaining stable business operations: assets, brand, profit, and people. A key to positive elasticity is understanding the strong and weak links in your organization.
Data indicates 40% of small and medium businesses fail after a natural or man-made disaster. And for those which initially survive, another 25% fail after a year.
The failure rates are often caused by management’s inability to identify, plan, and solve worst case scenarios for their business as part of their on-going strategic planning.
Decisions around whether you can return to your old business model may also need to be replaced by questioning- If you can return, should you?