Covid-19 has had a huge impact on UK SMEs due to a drastic drop-in economic activity in the UK, SME’s in particular, have been hit harder than bigger businesses. The average UK SME saw a 30-percentage point drop in turnover growth between April 2020 and December 2020 (Bank Of England, 2020). With further Covid-19 restrictions increasing due the Omicron variant, SMEs face more challenges moving into the new year, under the current climate.
Alison Watson, Head of School of Leadership and Management at Arden University discussed the importance of business resilience. She sheds light on the current challenges that businesses face and provides strategies and actions on how businesses can survive in 2022. Alison commented “business resilience is vital for all organisations looking to ensure they are set up for a long and successful future. It is key because it provides longevity for the organisation and enables it to thrive, even when the chips are down and substantial challenges are presented to the leadership team”.
5 tips from Alison on how to ensure business resilience include:
- Acting quickly and decisively to enable the business to adapt quickly in the face of disruptions.
- Stakeholder engagement because it enables leaders to maintain networks and identify any potential issues ahead of time.
- Risk management process and crisis plan uses data to effectively guide business decisions in the face of another crisis.
- Workforce empowerment– senior teams should encourage transparency in communication.
- Staff need to be adaptable and have the mindset of embracing change, so they are ready for any challenge that comes the businesses way.
For more information about Arden University, please see their website: https://arden.ac.uk/our-courses/schools/school-of-leadership-and-management