What is business resilience?

Before I dive into giving my tips for business resilience, let’s define what it is we’re talking about.

A business which is resilient is one which can identify the risks which may affect them and adapt to these external factors to keep operating despite these difficulties.

Business resilience therefore is the company’s ability to respond and adapt to changes which could otherwise threaten their operations, brand or assets.

Being resilient allows a business to survive long-term, and as Ask Zoe has now been running for 9 years, through the course of a global pandemic and multiple changes in my personal circumstances. I’ve proven that I know a thing or two about building businesses that can last.

So, if you’re keen to build a business that will stand the test of time, read on to find out my top tips for business resilience.

Ask Zoe’s 9 top tips for business resilience!

1. Diversify your revenue streams

The first of my tips for business resilience is to make sure that you’re not relying on a single source of income, as this makes your business vulnerable if that stream dries up.

If you diversify by providing new products and services, or branching into multiple markets, you reduce risk and increase your business’s ability to weather disruptions.

2. Build a strong cash reserve

One of the problems I often hear small business owners struggling with is cash flow – and it’s one of the issues that most often causes business failure.

By building up a cash reserve which is ringfenced for emergencies, you ensure that you have a financial buffer during downturns or for unforeseen expenses, giving you time to adapt rather than react when crisis comes.

3. Develop a continuity plan

It’s often hard to know what to do when unexpected problems come up, whether that’s because of staff being out of action or other external factors coming into play.

If you create a well-structured business continuity plan, you’ll be prepared for disruptions like supply chain breakdowns, staff being away from work or larger-scale problems like cyber-attacks or natural disasters.

Knowing what to do next in a crisis will take some of the heat out of the situation if it arises, minimising stress and business downtime, and hopefully keeping critical operations running even in a high-pressure period.

4. Strengthen supply chain relationships

Businesses are often dependent on others in the supply chain, be it for materials, labour or the services they provide to help your business function.

By building good relationships with your suppliers, as well as with those who provide alternative options, your business will become more resilient even when one part of the supply chain fails.

You can prevent disruptions to your business operations with a flexible, transparent supply network which increases your adaptability.

5. Invest in digital infrastructure

Society experienced a huge shift during the COVID pandemic, with most people switching to remote working and many organisations investing in these sorts of systems as a long-term solution.

It may not be suitable for all businesses, but investing in digital infrastructure such as cloud computing, remote work tools and cybersecurity can be vital for modern business resilience.

These technologies enable flexible operations and data protection, especially during unexpected closures or remote work transitions.

6. Train and empower your team

This is one of my most important tips for business resilience. If you have a team, it will really serve you and your business if they’re trained to handle crises and make autonomous decisions.

As well as boosting responsiveness and morale now, an empowered team will adapt more quickly under stress and be able to take a lead if ever your leadership is out of action.

7. Monitor key risks regularly

To build business resilience, you need to be aware of the risks that are likely to disrupt your operations.

But risk isn’t static, so you need to regularly assess the financial, operational, market and reputational risks facing your business, and from there you can update strategies and take pre-emptive action before any issues escalate to becoming a problem.

8. Build a strong brand and customer loyalty

You can ensure business resilience if you have a loyal customer base which will stick by you through the tougher times.

And key to customer loyalty is having a brand that people can trust; transparency, consistent service and good communication will all foster the trust that people need to see.

All of these are critical assets when navigating uncertainty and will stand your business in good stead to face tougher times.

9. Embrace innovation

The final of my tips for business resilience is to be an innovative business; one that doesn’t just react but evolves.

By building a culture that encourages innovation, your business will be able to pivot, explore new opportunities and stay competitive in changing markets and a changing world.

Are you ready to build your business resilience?

Now that you know my 9 top tips for business resilience, I hope you’ll have some action points or aims to work towards to future-proof your business.

Over the last 9 years I’ve built up a thriving business which has survived both internal and external challenges, and I love to help other businesses to do the same.

If you missed out on our birthday bash this month, then don’t worry – there are still lots of other chances to network with other professionals and learn about how you can grow your business.

It’s not too late to sign up to our 8 week program, which encourages business owners to grow and hone their marketing efforts as well as giving opportunities for you to take part in discussions and activities, share your insights with those in a similar position, and network with fellow participants. Allowing you to creating clarity in your market position, audience and message by turning this into paying clients.

You can sign up here and get ready to level up and share your very own tips for business resilience with others!