How prepared is your company to survive in today’s dynamic business environment? The Small Business Administration and the Bureau of Labor Statistics report 50 percent of small businesses fail within their first five years. A Bloomberg article claims as many as 8 out of 10 small businesses fail within the first 18 months.
Furthermore, small to mid-sized companies rarely recover from cyberattacks, failing within six months after a ransomware attack. The New York Times reports two of the top 10 reasons small businesses fail are dysfunctional management and lack of contingency plans.
How can you prevent your business from becoming another statistic? For your well-being and that of the Hampton Roads economy, your company must be among the ranks of ready and resilient organizations.
It’s important to consider what you would do to fill voids in your company. How will your business prepare for a major crisis, like the loss of a key leader in the C Suite? What are the immediate steps you’ll take when faced with a large product recall?
Your company may face a drastic change in market and you’ll have to react to remain competitive. Today’s work environment will not be the same as tomorrow’s.
A key example is the steps taken by oil and gas industries to adjust strategy and approach to re-tool after a significant environmental change. Have you trained your leaders to react calmly under pressure, think critically, communicate action and options for the organization?
How will you communicate your actions so your stakeholders don’t lose confidence? Does your team have the foundation to survive a crisis and come back stronger?
There are models to follow.