Creating Business Resilience Plans
With properly created and communicated business resilience plans, SMEs can surely thrive within any fragile circumstance that may happen over time.
The pandemic emphasized the need for resilience plans as it will underpin the recovery actions and continuity goals of every organization. So what can you do to support business resilience?
1. Map out possible scenarios
Wield your forecasting prowess to prepare for any downturn, but make sure to ground it on different scenarios. Collaborate with your department heads to identify the probable impacts of your next steps, and how it will work for them.
2. Indispensable operations backup
Having a robust contingency plan is considered a necessity in today’s working environment- where the workforce works remotely at large.
This is where cloud-based technology comes in. This platform is a secure hub with high-end security measures that allows you to access and recover your numbers even when you’re outside the office.
3. Leveraging Artificial intelligence (AI) and automation
The pandemic further pushed the digitalization of our everyday operations.
Through AI, human intervention is lessened- from chatbots to high-powered machines, your operations can stay running even with minimal manpower. Manual tasks are also taken over through automated solutions such as the cloud accounting software.
The integration of the two further empowers the business’ resilience you’re building and addresses challenges of sustainability as well.
4. Well communicated contingency plan
A very important part of a business resilience strategy is communicating your plans to your people and to your stakeholders.
Doing so increases your people’s confidence that the situation is fully under control as you move forward. Your transparency keeps everyone connected in the event of any disruptions.
Adverse incidents such as the pandemic can throw your plans out the window, but creating business resilience plans saves you from uncertainties of inclement scenarios.
Our CFO solutions here at D&V Philippines can help you bring your business out of the woods. With our in-house experts, we can assist you in weathering today’s volatile environment through our premiere finance and accounting solutions. Download our whitepaper Premium CFO Solutions to know how we can meet the requirements of your growing business.