How information improves your business resilience follows on from last weeks blog. Organisations value information, and the quality of it. It feeds into your decision-making. However it’s not just about financial transactions, it’s about much more stuff in your business. Consequently, base decisions on facts not opinions. Certainly, there’s nothing wrong with gut feelings or opinions but fundamentally, it’s facts that you need in decision-making.
Organisations that thrive and do well have that element of business resilience.
Information for business resilience
Above all, business resilience is about having and acting upon key information. When you’ve got information overload flying all over the place, it can get very convoluted and confusing. So, get access to key facts in the areas of the business that you’re concerned with.
Get that information in real time. For example, in the world of business transactions, you need financial data. A lot of businesses, even those of a reasonably large size, will still be using outdated annual accounts processes and information on which to base their decisions. When you want to assess your costs, and profit don’t use outdated information sources. As a business you need to know, not just what things cost now, but what things are making profit.
For all you organisations out there that are going through the digital journey you’ll have access to up to date info. You can drill down and look closer at what’s under the bonnet. In other words what’s really going on in your business.
When you understand what your overall costs are, your business will really prosper. So, it’s about having that information at your fingertips.
Being able to access information in a digital format is crucial because the speed at which you get that data will help you formulate your business decisions. Organisations that don’t have access to important data such as customer, supplier, and financial transaction data, will lose out on the benefits of timeliness decision-making.
Above all we hope you see How information improves your Business Resilience.
Action
Remember, leadership is not just about identifying the risks, it’s about action too. Once you’ve identified the major risks and, have collected that data, you have them on your risk radar. Then look at if you have the ability to respond swiftly if that risk materialises?
Communication
This is key to the survival of your business resilience.
Start building and strengthening your communication channels and strategies and embed into your general communication plan.
Your communication strategy must reach out to all the different stakeholders, as early as possible. So, it is not just your customers, it is your staff and your suppliers.
Make sure you act quickly, or somebody will step in and comment on your behalf.
Involve your team whether they are freelancers or employed staff – communication is king.
Whatever you communicate, be honest, have integrity, have empathy, and be authentic.
Companies that are business resilient, outperform those companies that are not.
In conclusion, it’s about information, the practical stuff, and knowing where to save costs. So make sure yours is up to date & accurate and you and your business will go far!
Check out our Business Growth Club, and help move your business forward. Get in touch with us to see how we can help you and your business resilience and all your accounting and tax needs. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.