For businesses, nothing is set in stone forever. For those of us who weren’t already aware of this, the pandemic has made that very clear. Being ready to respond to disruption is the new norm.
Some businesses have created a risk register, which can cover different aspects of the organisation. Typically, this will list potential risks, rate how likely that could be to occur and how detrimental if they happen. This then gives the management team a clearer understanding of where the business needs additional resources and thought. If it wasn’t already, global pandemic has now been added to that list or at least given more prominence.
Some business leaders would argue that a certain amount of risk is good and many of the big brands we know today wouldn’t exist without an element of risk taking.
When business disruption comes along it soon becomes apparent how risk averse a company is. Some organisations might batten down the hatches and adopt a ‘business as usual’ approach. While some might argue that they are burying their heads in the sand, if that business is clear about its core values and confident that it can stick to them, then that’s not necessarily a bad approach.
Staying the course in this way doesn’t necessarily mean not being ready to make any changes, but simply being sure that the areas where a business is already strong are strengthened.
Other businesses might make the decision to pivot, as disruption doesn’t always bring challenges but often opportunities as well. In lockdown, many restaurants and cafes which were unable to open, started new businesses in home delivery and cookery kits to make meals at home. Now business is getting back to what seems more like ‘business as usual’ some venues are continuing to offer these services, in addition to opening their door to customers again.
Disruption might also lead some businesses to innovate. Unable to show people round houses in person, many estate agents uploaded video tours to their websites for instance.
As with so many business functions nowadays, key to dealing with disruption is continuing to communicate. Loyal customers will need to be taken on the journey with you. As we said in a recent blog, good customer relationships are built on trust, honesty and openness. At the heart of this is not only a company’s social media channels but it’s website and the messaging that contains.
If you’d like explore this subject more, then do get in touch with our team at Lake Solutions.