If Your Company is Facing Risk of Disruption, This Is What You Need to Know

OlufisayoNovember 16, 201801,024 views

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Anyone with even a passing awareness of the news realises that we’re living in a period of disruption, from political and economic uncertainly through to cultural shifts, things are changing and it’s not always easy to keep up.

Businesses, both big and small, need to be particularly attuned to any potential disruption if they are to carry on functioning as normal when external or internal factors change. If you think that your company is facing risks or disruption, then find out what things you need to consider in order to minimise potential negative effects of this on your business operations.

When talking about the risk of disruption two separate things need to be addressed under this umbrella. First is the changing nature of markets and consumers, and second is the very real and growing risk of disruption to business operations – by way of natural disasters, cyberattacks and more.

Let’s address the more tangible risks of disruption to start. To date, 2018 has seen some of the most varied and dangerous weather across the globe; storms, heatwaves, and wildfires caused major problems for individuals and businesses alike. This is set to continue with even more unpredictable weather events taking place as climate changes encroaches. Additionally, cyberattacks are on the increase too with cybercriminals becoming bolder with who they choose to target, no one is safe as movie studios, banks, and governments have come under attack in recent times. The consequences of these attacks have manifested in unprecedented amounts of stolen data and astronomical financial losses; analysts predict that we can expect even more of these in the near future.

The time to protect your business against the potential negative impact of these events is now since being prepared is the best protection. If your business doesn’t currently have a business continuity plan, then creating one before it’s too late should be of utmost importance. Business continuity planning will allow your business to have a plan of action in place that would cover how your business plans to continue functioning in the face of disruption, whilst making frequent updates to the plan will ensure that you are always prepared to deal with evolving threats. You can create such a plan alone or, depending on your level of expertise and size of company, may wish to outsource it to industry experts with experience in dealing with business disruptions.

Tackling market changes and consumer behaviour is in many ways more complex and requires a nuanced, macro approach to your whole business philosophy. It’s important to look at your business model and product offering from a future angle (five, ten, fifteen years) to see if the growth you’re predicting is in line with industry trends and innovation. Adapting to these developments is one way to future-proof your business offering and strategy, without getting left behind by your competitors.

Similar thinking can be applied to the technology and software your business employs. Whilst it’s not essential to always get the latest editions of software and tech, it is vital to know whether you’re working with outdated equipment, both from a quality and security perspective.

We live in an increasingly changing world where cyberattacks and extreme weather events are becoming commonplace. Preparing your business for this through careful planning and consideration of market changes will ensure that you’re never caught off-guard.

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