How to thrive in a crisis
Business resilience is key to recovering from disruption. Alan Haig explains how a disaster recovery plan is not enough on its own – businesses need foresight and strategies. Management must have a written resilience plan and be ready to expect the unexpected
The COVID-19 pandemic has thrown into sharp relief the ability of businesses to respond to a crisis. Much has been written about the demise of Debenhams and Arcadia, but this should not have been a surprise. What both of these companies lacked was resilience. By contrast, Next, another large retailer with a huge fixed-cost base appealing to a similar market, continued to do well. It is a company with resilience in abundance.