The Balanced Tax & Business Services Guide to Building Business Resilience

The Guide to Building a Resilient Business

Overview

A business crisis, recession or global pandemic (let’s call these ‘Adverse Events’) can wreak havoc for businesses and even entire industries. And yet, Adverse Events can also pave the way for growth and opportunity.

Some businesses will not survive Adverse Events while others will survive in a modified form. A minority will emerge stronger and thrive.  There is no formula, but certain businesses will position themselves for success. We call these “resilient” businesses. Let’s see how your business matches up to our definition of resilience.

 

Using this Guide

Who is the Guide for?

Business owners and leadership teams will benefit the most but involving a broader team can have advantages. There are many ideas to discuss so gather teams whereby views can easily be exchanged.

 

What’s the process?

There are four parts that deal with your Market, Vision (and goals), Drivers, and Cash. The objective is to look at changes that may have occurred in these areas and how you are reacting. Resilient businesses quickly assess and react positively.

Refer to the definitions and examples to be sure you understand the approach. Then discuss each point with your co-owners, leadership team, managers, or advisors to develop your ideas. Remember, there is no formula or ‘right answer’.

Make this exercise a habit. This is NOT simply a response to an Adverse Event. Resilient businesses are continually reevaluating their situation and making plans to improve performance.

 

Get started by clicking on any of the steps below!