Recent events like COVID-19 have underscored the importance of proactive measures in safeguarding the stability and longevity of our enterprises. Crisis preparedness and business continuity are not just buzzwords; they are business lifelines.
According to KPMG’s 2023 FPI Report, the pandemic impacted the Financial Performance Index of otherwise well-performing companies & sectors in developed countries like the US, and Sweden among others.
The inevitability of crises is one of the only constants in an ever-changing business landscape. While we cannot predict the exact nature or timing of these challenges, we can always upskill teams and businesses with the tools and strategies necessary.
Understanding Risks
A business is always susceptible to external risks like natural disasters or economic downturns. Having a proper understanding of their magnitude and having prior training to deal with them cushions crises’ adverse impact on business organisations.
Scenario-based learning, case studies and risk management courses for employees and leadership members would further the understanding of risks and dealing with real-life scenarios of uncertainty.
Zenfide would add value immensely to help teams build resilience by first understanding the potential risks of the industry through comprehensive training.
Developing a Response Plan
According to a PWC survey that looked at businesses that have already experienced a crisis found the following:
– 34% of the businesses reported that they learned to identify crisis scenarios.
– 29% of them stated the importance of executing a more timely and robust communications plan.
– 29% found communicating more effectively with employees to be a key component in dealing with crises.
A well-crafted crisis response plan is like a compass guiding a ship through uncharted waters. Key components of such a plan include clear communication strategies, delineated team roles, and regular drills to ensure swift and coordinated action. By having such a framework, a business can minimise the impact of a crisis.
Zenfide’s learning programs can catalyse the communication, management and leadership processes and execution.
Role of Technology
Technology has changed how we do business. In a survey by PWC, 75% of respondents said that using technology helped with their crisis plans. For instance, cloud computing lets us access important data from anywhere, even if there are disruptions. Remote collaboration tools also help teams stay connected and keep working well, no matter where they are. Using these tools is useful for keeping things running smoothly, especially during uncertain times.
Employee Training and Involvement
Creating a resilient culture involves teaching employees how to handle crises and including them in planning and implementing response plans. A survey found that 70% of employees are interested in working for companies that invest in their development, highlighting the importance of training. By organising drills and getting feedback on response strategies, the involvement of teams can be ensured so they’re ready to face challenges effectively.
Monitoring and Evaluation
Crisis preparedness is not a one-time endeavour and requires ongoing vigilance and adaptation. Regular evaluation and updates to the response plan can ensure its efficacy. By remaining responsive, we can stay ahead of the curve and mitigate the impact of crises on our operations and bottom line.
As we navigate the uncertainties of the business world, one thing is clear: proactive measures are the key to resilience. Prioritising crisis preparedness by investing in training effective leadership will ensure the resilience of any business.
