Amid a pandemic causing great uncertainty, businesses seek ways to cope with unexpected lockdowns and customer fears. One quality all organizations need now – and for the long-term – is resilience.
Right now, many business owners are assessing their financial resilience. They are shifting focus from “Just in Time” to “Just in Case,” the Wall Street Journal said in an article about investors potentially seeing lower returns as companies hoard cash and reduce debt.
But resilience is not just about hoarding cash. Resilience is also about mindset and risk management.
A resilient mindset sees the big picture, and looks ahead to when the turmoil ends, as all turmoil does, the Harvard Business Review noted. Business owners should not let fear drive their initiatives.
“Fear begins to narrow your field of vision, and it becomes harder to see the bigger picture and the positive, creative possibilities in front of you,” the HBR article said.
One way to avoid fear is to plan ahead and know what to do “just in case.”
Simply hoarding cash, the article notes, is not building resilience. It doesn’t help, for example, if you have to spend all that hoarded cash rebuilding your data if a disaster (natural or cyber, such as ransomware) strikes.
Resilience is more about flexibility; being able to pivot when market conditions change.
Your business technology provider can play a significant role in giving you resilience. A managed IT services provider such as ImageQuest can offer you guidance on how your technology can help you handle a dramatically changing business environment.
Managed IT services include building a disaster recovery plan, developing a data backup plan, business continuity – even technology that offers a better way to do business.
Cloud operations, for example, offer several advantages for challenging times.
We recently offered webinars on the technology behind Cloud operations. If you are exploring resilience and flexibility for your company, we invite you to watch a free recorded version of our The Big Pivot webinar, which you can access here. (The presentation starts at 1:15.)
Cloud operations are one part of the resilience your IT provider can offer. If you would like to discuss your situation with a technology expert, contact us for an exploratory conversation.
Our goal is to help you meet your business goals using the right technology. If you need an expert assessment, contact us today!