Business Resilience in a Crisis: Five Ways to Weather the Storm

Send us Fan MailWhy do some businesses survive a crisis while others collapse under the pressure?The difference is rarely luck alone.Recorded during the disruption of 2020, this solo episode captures Peter Boolkah’s five-part framework for building a more resilient business.Peter begins with the idea that businesses may face the same storm but travel through it in very different ships. The companies best equipped to survive are generally those that entered the disruption with stronger finances, the right organisational structure, usable technology and leaders prepared to make difficult decisions.You’ll discover:Why preparation needs to begin before a crisis arrivesThe importance of understanding cash and the balance sheetWhy organisational roles may need to change with the marketHow technology can protect access to employees and customersWhy an outdated strategy can become dangerousHow hesitation accelerates cash burn during a downturnWhy experienced advisers provide a valuable frame of referenceHow isolation and emotional pressure affect business ownersWhy founders need personal as well as commercial supportPeter’s five areas are:Preparation through finance, people and technologyAn adaptable strategySpeed of decision-makingLearning from people with relevant experiencePersonal and professional supportA crisis exposes dependency.If every decision, customer relationship and operational response depends on the founder, the business can only react as quickly as that one person can think and act.A resilient business gives the founder accurate numbers, capable people, clear responsibilities, adaptable systems and trusted support. Those capabilities make it possible to respond without forcing the owner to carry the entire organisation alone.IMPORTANT INFORMATIONThis episode provides general business commentary rather than individual financial, insolvency, employment or mental-health advice.Any restructuring or redundancy process should comply with the employment requirements applying in your location. UK employers can find current guidance from Acas:https://www.acas.org.uk/redundancyIf pressure from the business is seriously affecting your mental health, seek appropriate professional support. Information about UK mental-health services is available from the NHS:https://www.nhs.uk/nhs-services/mental-health-services/CONNECT WITH PETER BOOLKAHWebsite: https://www.boolkah.comLinkedIn: https://www.linkedin.com/in/boolkahInstagram: https://www.instagram.com/pboolkah/Facebook: https://www.facebook.com/BoolkahX: https://twitter.com/boolkahABOUT PETER BOOLKAHPeter Boolkah is a business coach, author and speaker who has spent more than 20 years helping business owners build stronger, more valuable businesses that do not depend on them for everything.He is the creator of The Hamster Wheel Trap® and author of Your Business Sucks: Build a Business That Works Without Destroying Your Life.Peter works with founders and leadership teams on the issues that ultimately determine whether a business creates freedom or becomes another job: leadership, founder dependency, people, profit, execution, scaling, exit readiness and enterprise value.His approach is direct, practical and built around one simple question:Do you own the business, or does the business own you?Learn more at https://www.boolkah.com