A few years ago (2017), Sheryl Sandberg, the COO of Facebook, published a book with Adam Grant called ‘OPTION B’ on the topic of building personal ‘resilience’ after the tragic loss of her husband. The book offered compelling insights for dealing with personal hardships in our own lives and how to help others in crisis.
In addition, it also shared how people can build resilience even if they have not experienced tragedy, resulting in better helping themselves and their families respond to adversity as it occurs. In a similar fashion, Business Resilience (BR) can be built proactively and enable companies to pre-empt the adversity and economic consequences of disruptions – whether they are triggered by natural disasters, technological or market changes, infrastructure disruptions, or even a pandemic like Covid-19.
This pandemic has made it abundantly clear that business resilience can be the difference between business survival and failure. Consequently, in this article we take a closer look at this topic, starting with defining business resilience, its importance to a business, and the key critical success factors of a BR plan.
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