Three certainties have established themselves over the course of human development – death, taxes… and businesses crumbling in the face of adversity. So how can small businesses and big-time empires face disruptions, innovations, and social change without falling apart? By employing a system of calculated business plans that would serve as a buffer when challenges happen – a system known as business resiliency or business resilience.
Business Resilience | Definition
According to Tech Target, “business resilience is the ability of an organization to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people, assets, and overall brand equity.” In other words, business resilience is the capacity of a business to withstand any negative impacts or drastic changes in the business climate. Following this, a business resiliency program is the framework put in place by a business to ensure smooth operations, either through policy-making or infrastructure provision, or both.
Importance of a Business Resiliency Program
- Continuity: The existence of a business resiliency program ensures the continuity of your business, regardless of what adversity it comes to face. Some may be unprecedented adverse events, while others could be generally perceived as positive developments. In view of this reality, a business resilience program is the shield that protects your business operations. With a solid program in place, you could be looking at decades of uninterrupted operations for your business. After all, consistency is pivotal to the success of any business.
- Trust: Trust is a two-way street to success for any organization. As a business owner, it is imperative to secure the trust of your customers and employees. Your employees want to know that their jobs are secure and that the company is not about to collapse. You also need to show your customers that you are equipped to serve them at every point in time. A quality business resiliency program would contribute astronomically to these pursuits. How? Simply by giving people the assurance that you have what it takes to stay afloat 24/7.
- Development: What business resiliency offers is not just the strength to remain operational. It also offers the unique chance to evolve along with trends. Accepting and adjusting to the reality of our times allows your business to incorporate beneficial innovations and practices and help the whole establishment operate more efficiently.
COVID-19 and Small Businesses
The year 2020 was an epoch-defining year for the entire world. From mighty international organizations all the way to you as a business owner, we as a whole were hit in a multitude of ways. The economic ecosystem was thoroughly shaken to the core.
Here it is fair to say that small businesses were hit the hardest globally. Data show that in the US alone, COVID-19 had a largely negative effect on 21.6% of small businesses (according to an April 2022 survey conducted by Statista). Was that a result of the absence of a quality small business resiliency program? Or lack of adequate funding to execute it? Whichever it is, the lesson learned remains glaring: small businesses need a concrete business resiliency program in place to cushion the effects of the next disruption, be it on a global or organizational level.
Small Business Resiliency Grant Program
So how can your business survive? It’s interesting to mention that when it comes to the aftermath of Covid-19, small business resiliency grant programs proved to be highly effective. Small business resiliency grants are innovations designed to provide emergency financial assistance to small businesses.
Such grants are often put in place by various government and non-government institutions, depending on workforce size, bank statements, revenue, or business value. Community small business resiliency grant programs, on the other hand, are also an option. Note that they may require your business to be located or operated within that local jurisdiction for eligibility.
Business Resilience: Conclusion
As a business owner, business resiliency should become your priority, especially amid all the social and economic turmoil we are witnessing.
While funding your pursuits through small business resiliency grants is a mouth-watering option, an alternative way to survive and keep growing is to tap into new financial opportunities. With Tarya Fintech, for example, you can easily start providing financing to your customers and increase your potential, which will be a huge advantage when another business disruption hits the globe. Wouldn’t it be great to be prepared? Then join us today!