sign in business window saying it is closed for safety of customersMany businesses and individuals whose livelihood was halted during the COVID-19 stay-at-home order were unable to do anything but shut down. Due to the nature of their product or service, it simply was not possible to cobble something together to avoid shuttering. But some were able to find a way to adapt:

  • restaurants offered take-away when their dining areas were closed down
  • stores offered online ordering and curbside pickup
  • teachers of all levels and subjects learned how to set up video lessons and online classes
  • exercise studios ran Zoom and YouTube fitness classes
  • distilleries made hand sanitizers

They demonstrated resilience–a quality all organizations, whether shutdown or not, value.

The new 'competitive advantage'

Resilence, says Forrester VP and group director Stephanie Balaouras, "will become a competitive advantage" post-COVID-19 and throughout the 2020s. Balaouras defines business resilience as "the ability to deliver on your mission and vision regardless of any kind of crisis or disruption, be it extreme weather, political upheaval, cyberattack, or the next disease outbreak."

As companies plot how to re-open from the lockdown caused by the coronavirus pandemic, they might want to take some time to evaluate their resilience. And part of that could include taking the time to analyze and reflect on their business continuity plan.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.