Building resilient businesses is about preparation, not pivoting
To help businesses build resilience in the wake of COVID-19, New Zealand Trade and Enterprise (NZTE) has teamed up with Deloitte and PwC to create a new video series.
Cultivating a resilient business comes down to preparation and a willingness to act decisively – not a company’s ability to execute a dramatic pivot to a new product or market segment, according to business continuity experts.
Working with Deloitte and PwC, NZTE has developed a new video series which offers insights and practical advice on how businesses can build resilience and recover from disruption.
The video series follows NZTE’s Export Business Continuity Service which gave more than 400 companies access to workshop sessions with Deloitte, KPMG or PwC to help them navigate the fallout from COVID-19.
In the workshops, export companies received advice on a range of practices they could implement or improve, including business continuity planning, scenario planning, business remodelling and supply chain readjustment.
The six videos in the series offer practical advice on a range of topics including:
why understanding customers is key to your digital strategy
building a more flexible supply chain
scenario planning in times of chaos
how to position your company for recovery
building financial resilience
simplified, effective cash flow forecasting
To watch the full series, companies can sign up to myNZTE, a free, online resource with content, insights and knowledge to help your business succeed.
PwC executive director Andrew Jamieson, who features in the video series, says people like the idea that businesses can pivot in light of a serious external shock but the reality is that businesses are built on core capabilities and sustainable competitive advantage.
“Businesses need to really hone their focus on their core competencies and shed the squeaky parts of their business, like peripheral products, that don’t serve them well.”
