If we’ve learned anything from 2020, it’s that it’s impossible to forecast some of the events that happen across the world, affecting markets, consumers, and ultimately your bottom line. Over the course of the past few months, you’ll have come across areas of your business that are ineffective – and others that are clearly not resilient enough for the changes taking place in the market. This article is about using that knowledge to protect your business in the coming year – driving better sales, all the while maintaining your sustainability as a firm.
Due Diligence
Even though the coronavirus pandemic was unpredictable, but the businesses that ended up failing completely because of it were easier to spot. Indeed, if you performed smart due diligence checks on the partners and clients that help you run your business, you might have found weaknesses that have proven to be costly since coronavirus hit the US. As such, this is the time to look back on your partners with a critical eye, asking them what they’re doing to boost their resilience, and what guarantees they can give in order to protect your firm from the damage that might occur in the event of a supplier or client failing.
Digital Resilience
There are many ways to make the digital side of your firm more resilient. Perhaps the most obvious is boosting cybersecurity – ensuring that you don’t fall victim too malware or ransomware in the coming months. But, beyond that, there are plenty of things that you can do to ensure your digital technologies are running optimally – including looking to consultants at HLB System Solutions for help. These consultants will be able to peer into the matrix of your firm, drawing out insights that’ll help you avoid digital calamities in the future.
Legal
Another area of concern for all businesses is the legal side of their operations: staying within regulations, and trying to ensure that no suits are be filed against them. In the US, suits cost businesses billions of dollars each and every year – and can drive some to the point of bankruptcy. Above and beyond hiring an expert legal team to represent your firm, you should pay particular attention to developing regulations in the tech sphere. The more data is protected by the law, the more your firm will have to act in order to protect the data of your customers and other people who have interacted with your brand.
Profits and Cashflow
Finally, the single biggest killer of startup enterprises is cashflow. These small businesses are always lurching between loans and grants, and eventually fail because they were unable to plan their income effectively over time. It’s imperative that your firm, however young or old, is prepared to avoid these scenarios. Simply investing in a CFO, and modeling various risk scenarios for your firm in 2021, are excellent steps towards resilience when it comes to your profits and cashflow next year.
There you have it: key tips to boost your resilience in the year ahead – protecting your firm from any potential disasters that may lie in wait.
