Resilience is the main attribute that enables organisations to withstand the pandemic and its aftermath, and it also underpins those businesses and NFPs which will continue to thrive.
Hopscotch Accounting has prepared A Roadmap to Organisational Resilience: Tips for strategies and success, a free ebook to guide organisations that are geared to survival but must also focus on expansion.
Aimed at business owners, directors, CFOs, and managers of both commercial businesses and NFPs, it outlines timely tactics to improve your organisation and position it well for the long road ahead.
Post-pandemic business frontrunners will need resilience
A resilient person is one who is able to adapt to change quickly, recover from adversity, and spring back into form.
For the many businesses that were fortunate to survive confronting pandemic conditions the quality of resilience has been critical. They had the tenacity to reconstruct not just merely endure.
Clearly, institutions, financial markets and work arrangements changed dramatically in 2020 and those businesses in good form were the ones that innovated during the pandemic crisis and recovered from setbacks.
Even as we begin the process of rebuilding it is clear that we are in a different era, and ‘unprecedented’ is here to stay. Having experienced seismic change, how does a wary business prepare for the inevitable aftershocks?
Cultivating resilience is the answer. In business terms your approach should involve upgrading the strength and agility your organisation’s:
- Internal processes
- Funding arrangements
- External relationships.
Resilience planning and management
Through Hopscotch Accounting’s role as outsourced accountants we have worked for a broad range of business and NFP operations over many years. Especially since the pandemic, we’ve identified several crucial factors that resilient organisations plan and manage well.
Your list of what requires development might be daunting – and your resources finite – but by targeting particular areas your organisation will become stronger more readily. Skilled management and planning in five key areas – cash reserves, segmenting, succession plans, funding outputs and partnerships – can make a substantial improvement to an organisation.
Develop strategies for your business future, based on the five target areas, for example:
- Switch your cash reserve outlook to a growth rather than survival mindset
- Analyse your organisation in terms of segments to determine actual performance
- Project succession event scenarios to help future-proof operations
- Seize the day with government funding and build your market share
- Secure your organisation with a merger, acquisition or partnership.
Strengths lead to success
Resilience building is not just about recovering your business status quo, it is the key to future growth.
Many businesses were able to keep trading through the lockdown phases of the pandemic by switching over to online sales. Restaurants kept operations afloat by pivoting to a home delivery service. They accomplished this because they had the resources at hand to pay for the technology and systems that could support new delivery demands – they had already built in financial and operational resilience. And then these crisis adaptations opened up a positive twist – greater access to both expansive online markets for goods and local custom for food.
Hopscotch Accounting provides targeted reporting, analysis and advice so our clients can steer through adverse circumstances and change direction when required. We also champion proactive planning so they can stay strong and take advantage of any positive opportunities that arise.
To equip your organisation for better outcomes in changing times, read our guide which encourages analysis and helps clarify actions at a management and operational level. Download the free ebook here.