Whilst contingency planning for identified risks is part of every good business strategy, it is also important that businesses have a co-ordinated and rapid response when unforeseen events occur.
What is it?
Whilst good planning and building resilience to shocks can minimise negative impacts on a business related to emergency events, such events can still have a devastating effect on businesses. Emergencies (e.g. severe weather, civil unrest etc.) can strike at any time, and their effect on businesses and the communities they serve can be devastating. Recovery can be slow, stressful and costly. Traders and smaller businesses sometimes need extra help getting back on their feet.
Why is it relevant to business?
Global mega-trends including changing weather patterns, changes in consumer values and rapidly rising population mean that businesses will need to be resilient to survive external shocks such as extreme weather and financial crises.
It is part of sensible business risk management strategy to take climate, environmental, social and economic risks into account and to make the business more resilient against them (e.g. a business in an area with greater flood risk should ensure it has the appropriate defences and appropriate insurance in place).
What we ask
- Think about your business’s resilience to external shocks and the extent to which your business makes the community in which it operates more resilient.
- Test new ideas, products/services and business models
- Build these new concepts across your business