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A winter wonderland | November 2010 |
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Greetings!
There's a chill wind blowing right now, and so this month we look at what adversity means for those who want success, despite rather than because of, circumstances.
The 'real' climate is going to be testing, with snow forecast (and falling!) this week. Yet, despite a CMI report showing that ~93% of business were affected, some quite adversely, many business are still not geared up for what has over recent years, become a common enough event. Go figure.
Economically, the Irish situation has been as well managed as the Greek issue some while ago - which is to say, not well at all. And whilst rumblings about the UK government loan continue, those who look beyond the headlines know the need to help our friends across St George's Channel. That's because if the Irish banks or government fails, the hit on our banks would be catastrophic, reminiscent of the Leman/AIG outcomes.
So, this month, we explore preparing your organisation to cope with adversity - and perhaps gain competitive advantage over those less prepared. Your first action is to read this newsletter, and see if anything strikes a chord... As ever, please share your views on these and other opinions on our 'blog, and read our latest utterances on twitter. |
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Managing adversity...through resilience 
Interesting Harvard Business Review article from July this year, which is very prescient in the circumstances - describing the ways people react when faced with adversity. A question you might like to ask is whether you or your people think you are managing right now...
The author has researched within the UK, so it has relevance to you, today.
It hypothesises that resilience is a common factor in predicting success when dealing with adversity - and asks whether you're consumed by, or you consume, adversity. It asks how you avoid; survive; cope with; manage - or harness adversity. And whilst few manage, fewer still harness it. So, could you gain advantage, simply by coping.
Guess which marks out success? Think about where you are - and take advantage! |
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Government funding. Yep, still...
...available to the manufacturing sector, there's still money available through the Manufacturing Advisory Service, to those in that sector prepared to invest in their own business.
If you are in that sector; in manufacturing; have been in business for more than one year, it's worth looking here. Of course, if you're based in the East Midlands, where Oakview and our colleagues concentrate - although this funding is available in a lot of regions - please contact one of us, and we'll happily talk though whether and how you might be eligible.
Typical projects include: demand delivery; ISO certification; sales management; workflow planning; project management; and in certain circumstances, Business Continuity planning.
So, don't delay - look into support today. While it lasts... |
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Key decisions. But who makes them?
One outcome of adversity is that many senior people, whether business owners or managers, find it harder to make decisions. That said, some 'leaders' find decision-making difficult at the best of times...
Perhaps its because people presume the repercussions have greater risk; perhaps because in times of crisis, it's easier not to make decisions at all. That seems to be the instinctive reaction of many.
But, as many readers know, 'crisis' derives from the Chinese symbol for 'opportunity' and 'danger'. So, considering 'adversity' as 'crisis' could be a way of bringing opportunity for those prepared to brave the consequences.
That's where my current favourite decision insights from Bain & Company come into play.
Take a look here, and get a glimpse into how to focus on making the key decisions that can make a difference. This article includes thoughts about how to make major $Bn decisions affecting major US household names, and thousands of people.
That's hard... |
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Insurance brokers - do they care enough?
Even a Chartered Institute of Insurance survey expresses disappointment that almost two-thirds of brokers involved in Business Interruption insurance do not ask for any evidence of adequate Business Continuity plans. That's despite over two-thirds of underwriters recognising that a good plan will reduce BI claims.
So - does your broker care enough about your insurance programme where it includes BI insurance? They should! Fortunately, a few enlightened brokers do take the initiative - we work with one; and you should insist on better care given the commission you pay!
And, whilst on the subject, it is worth reviewing again the 2009 CMI Business Continuity entitled Business Disruption and Resilience. Yep, that word, again.
Principal findings were:
- More than 50% of organisations do not have business continuity plans. How are your suppliers fixed? And your customers? How
- Snow affected 93% of businesses, with 50% reporting some or significant disruption - was yours one?
- 79% of those with Business Continuity plans who tested them, agreed they effectively reduced the impact of disruption, yet one-third do not test. Go figure...
Have you reviewed your critical processes yet? Even if you think they're okay, it's worth checking - twice in the last ten days I've analysed organisations and discovered that what they thought to be good data nack-up procedures actually put the business at serious risk.
Contact us for a free Business Continuity Health Check or no-obligation discussion.
Meantime, talk to your broker. See what they really think about Business Continuity... |
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