BUSINESS RESILIENCE
CYBER : CND
In the realm of cyber security , Business Continuity ( BC ) and Disaster Recovery ( DR ) are critical components of resilience . BC ensures the maintenance of essential functions during a disaster , while DR focuses on restoring normalcy after a disaster .
Both BC and DR require a proactive approach . This involves conducting comprehensive risk assessments to identify potential threats , carrying out impact analysis to understand the potential consequences of these threats , and performing regular testing to ensure the effectiveness of the strategies in place .
Cyber threats are evolving , making it imperative for businesses to have robust BC and DR strategies . These strategies should encompass data backups , crisis response , and recovery plans , ensuring minimal disruption and swift recovery .
In essence , a resilient business is not just about surviving a disaster but thriving amidst challenges . Therefore , investing in strong BC and DR strategies is not just a necessity , but a strategic move that can give businesses a competitive edge .
Andy Cuff CEO CND www . cndltd . com
RETAINING TALENT : RATHBONE HR
Retaining top talent is crucial for any business that wants to stay innovative and competitive . In addition , creating a positive and healthy working culture can improve productivity , reduce absence and improve recruitment and retention , giving your business a competitive edge .
HR helps to boost people practices to create an environment attractive to job-seekers and existing employees , which improves recruitment of quality candidates and retention of key employees . This might include ; offering flexible working options , optimising benefits schemes that offer employee physical , mental and financial wellbeing support and providing opportunities for learning and career advancement .
In addition , the relationship an employee has with their manager is a key factor which impacts employee job satisfaction , and communication is a key element of this . Enabling two-way discussions and engaging employees in open dialogue , whether in a team setting or during individual conversations , will encourage honest feedback which can help decision-making .
Polly Rathbone Ward Founder Rathbone HR www . rathbonehrsolutions . co . uk
PEOPLE : HUMMINGBIRD HR
Employees play a pivotal role in all aspects of business resilience , HR helps to ensure the right employees are in place , motivated to respond effectively and are enabled to do what they need to do . Common Pitfalls for businesses include failing to foster an environment and provide the appropriate channels for employees to safely report weaknesses in the system . Furthermore , many organisations do not conduct realistic and lifelike tests of business resilience scenarios . We would recommend scenarios are fully tested . This provides HR the opportunity to assess the preparedness and performance of the individuals identified to respond to the scenario and address any training , communication or support issues for emergency procedures . Too often businesses work with wrong or out of date information or have no resilience plans at all .
Annette Everard Director Hummingbird HR www . hbhrs . co . uk
SYSTEMS RECOVERY : SYSTEMAGIC
When it comes to IT and systems recovery , you need to have a plan . Make sure that you and your IT company understand where your data is stored , how it ’ s backed up and how often , how long it might take to recover and what steps would be taken .
This avoids figuring everything out in the heat of the moment as well as identifying any areas of weakness .
This plan should be revisited at least annually to keep it up to date with system and technology changes . Use cloud-based systems as much as possible Cloud based systems mean someone else worries about uptime , resilience , security ( but not always backup !).
Running your own servers , as some businesses still do out of necessity or resistance to change , adds the potential for hardware failure too .
Cloud-based systems still need backup and disaster recovery plans in place , but tend to improve business resilience .
Don ’ t panic . The biggest mistake is jumping into recovery with both feet .
Our experience is that calmly planning the recovery at the start , including setting expectations with your team ( and customers , suppliers , as needed ) saves a lot of time further down the line . What data is most urgent ? How can the business continue to operate in the meantime ?
James Eades Managing Director Systemagic www . systemagic . co . uk
CASHFLOW FINANCE : SWBF
Cashflow refers to the money moving in and out of your business . The aim is to have a positive cashflow ( more money coming in than out ) so that you can deal with any unexpected issues and invest in growth . Having poor cashflow can cause major business issues even if you ’ re making profit ! So , what is Cashflow finance and how can it help ?
A cashflow forecast will help you to see how much money your business will have in the future , letting you plan for these possible unexpected changes in business and budget effectively for things like stock and employee costs .
Running a successful business can be a challenge , especially if your business is subject to seasonal highs and lows . It is important that you ’ re prepared for any unexpected issues that could affect your cashflow and cashflow finance could be the answer by assisting with the following :
• Helping even out peaks and troughs in the cashflow cycle
• Tackling long payment terms and money held up in unpaid invoices
• Fulfilling expansion plans such as new staff , premises or projects
• Allowing you to take unexpected opportunities for growth
Finding the right type of finance for your business can be difficult . We can help guide you in the right direction of different cashflow funding structures such as short terms unsecured loans , bridging finance or invoice finance to ensure that cashflow doesn ’ t become an issue for your business .
Natalie Charteris Operations Director South West Business Finance www . swbf . co . uk
THE BUSINESS EXCHANGE 2024 15