The buzzword of the corporate world, is more than just a trendy phrase—it’s a key ingredient for long-term success. In an ever-evolving landscape marked by economic uncertainties, market volatility, and unpredictable challenges, building resilience can seem like attempting to navigate a ship in stormy seas.

Yet, it’s this very resilience that enables businesses to not only weather the storm but also harness its power to sail further and faster. Let’s explore how you, as a business leader, can bolster your resilience, adapt to change, and carve a path to sustained success.

What is Business Resilience?

Business resilience is the ability of an organization to quickly adapt, recover, and prosper after enduring unexpected disruptions. This might include anything from natural disasters and economic crises to technological glitches and sudden shifts in market demand. It’s about having the foresight and flexibility to acknowledge change, absorb its impact, and effectively bounce back, often emerging even stronger than before.

More than just sheer survival, resilience entails harnessing disruptions as catalysts for innovation and growth—turning proverbial lemons into lemonade. At its core, business resilience is about cultivating an organizational culture of agility and adaptability, underpinned by robust planning and empowered decision-making to help companies thrive in the face of challenges.

Business Resilience vs Business Continuity

Often, the terms business continuity and business resilience are used interchangeably. However, they represent distinct concepts, each holding its own significance in the context of organisational survival and growth. So, what’s the difference?

A business continuity plan primarily focuses on ensuring that critical business functions can continue during and after a disruption. It’s about having a set of procedures in place to keep the ‘business as usual’ running, minimising downtime, and preventing loss of productivity. A business continuity management system might encompass data recovery plans, emergency response tactics, alternative logistics network arrangements, and other mechanisms to maintain minimal operational levels during a crisis.

On the other hand, business resilience extends beyond immediate recovery and continuity—it takes a holistic view of the business, encompassing all elements, from processes and procedures to technology and infrastructure. It’s about bouncing back stronger from adversity, leveraging disruptions as opportunities for learning and growth. It involves creating an adaptable, innovative, and resilient organisational culture that can navigate change, absorb shocks, and turn challenges into strategic advantages.

Considerations for Business Resiliency Planning

As we delve into the world of business resiliency planning, various elements demand our attention. Effective planning isn’t a one-size-fits-all proposition—it requires a tailored, nuanced approach that considers your unique business landscape.  This section sheds light on key considerations to guide your journey towards building a proper resilience strategy.

Business Recovery Risks

The first step in developing a comprehensive business resiliency plan involves identifying and assessing the potential risks that could impact your business’s recovery efforts. These are the obstacles that could hinder your bounce back from a disruption. They could range from the loss of key staff members, data breaches, and logistics network failures, to financial hardships.

For each identified risk, evaluate the likelihood of its occurrence, its potential business impact, and the measures you can take to mitigate its effects. This risk assessment will help prioritise your disaster recovery strategies and allocate resources effectively.

Employee Safety

In the realm of business resilience, employee safety stands paramount. The welfare of your team is not only a moral obligation but also a critical factor in ensuring operational continuity. A resilient organization recognises that its people are its greatest asset – their health and safety should therefore be at the heart of your resilience strategy. This means implementing robust health and safety policies, providing appropriate training, and fostering a culture that prioritises well-being.

Also, in times of disruption, make sure you have a clear communication strategy that keeps employees informed, reassured, and engaged. In the event of a crisis, your team should know exactly what steps to take to ensure their safety and resume operations as swiftly as possible. Investing in your employees’ safety is investing in the resilience and future of your business.

Financial Loss Mitigation

Financial loss mitigation is an essential pillar of a well-rounded business resilience strategy. The capacity to absorb financial blows and bounce back quickly can often be the determining factor between business survival and collapse. Start by conducting a thorough assessment of your financial vulnerabilities. Look at all areas of your business operations, from logistics networks to customer contracts. Identify where financial losses could potentially occur and quantify these risks where possible.

Next, establish a contingency fund, often referred to as ‘rainy day’ funds, to cushion your business in times of financial strain. This fund could be used to cover unexpected costs such as emergency repairs, legal fees, or temporary staff hiring. For some businesses, insurance also plays an integral role in financial loss mitigation. Policies covering business interruption, cyber risks, or public liability can offer critical financial support when disruptions strike.

Moreover, maintain business relationships with interested parties, including lenders. These relationships can provide additional avenues of financial support during challenging times. Finally, regular financial audits are instrumental in course-correcting potential financial risks and ensuring your loss mitigation strategies are up to date.

Strategies for Building Business Resilience

In this critical section, we will delve into the heart of business resilience – the strategies that empower businesses to not only weather storms but also to rise above them, turning challenges into opportunities for growth. These strategies, multifaceted and interlinked, form the basis of an effective business continuity and resilience plan.

Create Resilient Operations

Business resilience requires operational strategies that can withstand disruptions. It all starts with thoroughly analyzing your operational processes on an ongoing basis, pinpointing any potential weak spots that may be vulnerable to disruption. Consider every aspect, from logistics to technology and infrastructure. Once you’ve identified these weaknesses, take proactive steps to strengthen them. This could involve diversifying your suppliers, investing in cybersecurity measures, or implementing robust quality control processes.

Regularly test and update these strategies to ensure they align with your evolving business needs. Additionally, fosters an adaptive mindset throughout all operational levels. Encourage innovative problem-solving and flexibility, as these qualities will greatly contribute to your company’s ability to swiftly and efficiently adapt its operations in response to disruptions.

Digitize Your Operations

In today’s digital age, it’s crucial to digitize your operations to establish a resilient business model. Digitalization allows you to automate workflows, boost efficiency, and cut operational costs, all of which contribute to greater overall resilience. Start by identifying areas in your business that can benefit from digital transformation.

This could involve adopting cloud-based systems for data storage and collaboration, implementing Customer Relationship Management (CRM) systems to streamline customer interactions, or using advanced analytics tools to gain valuable insights from your business data. Furthermore, the digital realm offers the advantage of virtual communication and remote working options, ensuring operational continuity even during physical disruptions. Make sure your team is equipped with the necessary digital tools and training to navigate remote work scenarios effectively.

Allow Spending Transparency

Allowing spending transparency is a vital strategy in building business resilience. This doesn’t merely involve monitoring expenses but fostering an environment of openness around your business’s financial health. Transparency aids in minimizing budgetary surprises, enabling better financial planning and risk management. For this to be effective, all departments must understand their spending impacts and be empowered to make cost-effective decisions.

Utilising financial management tools can provide real-time insights into your spending patterns and help identify areas for cost savings. A business that knows exactly where its money is going, is a business that can strategically direct resources to build resilience. It’s not about cutting costs indiscriminately, but rather making informed spending decisions that drive value and ensure the sustainability of the business.

Embrace Workplace Automation and Technology

According to 2023 data, 50% of work can be automated. Automating routine tasks frees up time, allowing team members to focus on higher-value work, thus fuelling innovation and productivity. Moreover, technology such as Artificial Intelligence (AI) and Machine Learning (ML) can be harnessed to predict market trends and provide valuable business insights.

Always keep in mind that the technology you adopt should align with your business goals and enhance your operational efficiency. It’s not about having the latest tech, but rather, the most effective. Make sure to provide the necessary training to your team to effectively utilise these technological tools.

Become Agile

Agile businesses are characterised by their ability to adapt quickly and efficiently to changes in the marketplace, technology, or industry regulations. This adaptability is not just about being reactive – it’s about being proactive, anticipating change, and responding effectively to it.

One of the ways to imbibe agility is by embracing lean principles, which focus on maximising customer value while minimising waste. This could involve incorporating agile project management methodologies, such as Scrum or Kanban, into your business processes. These methods encourage iterative work cycles and continuous improvement, fostering an organisational culture that is responsive and adaptable.

Plan for Sustainability

Planning for sustainability is a smart approach to ensure your business thrives in the long run. It’s about making conscious decisions today that lead to lasting success and stability. This means considering the impact of your business on the environment, society, and the economy.

Take steps to reduce your carbon footprint, like transitioning to renewable energy sources or adopting green practices in your logistics network. Encourage socially responsible behaviors within your organization, such as promoting diversity and inclusivity, or participating in community outreach programs. And economically, regularly review and optimize your business practices for efficiency and productivity to maintain a healthy bottom line.

The goal is to create a business that not only makes a profit but also makes a positive contribution to society. After all, the most resilient businesses are those that find the right balance between their commercial interests and the well-being of the broader community.

Steps to Create a Business Resilience Plan

Now that we’ve discussed the strategies for building business resilience, it’s time to implement those ideas. The following section provides a step-by-step guide to creating a resilience strategy. This practical guide will help you navigate the process of continuity and business resilience planning that prepares your business to weather any storm, adapt to change, and emerge stronger.

1. Take An Iterative Approach

Adopting an iterative approach to your business resilience strategy is crucial for ensuring its effectiveness. This means not viewing your plan as a static document, but rather as a living, evolving framework that adapts to the changing landscape of your business and industry. Begin by drafting a basic plan, testing it, and then refining based on the feedback and results obtained.

Each iteration should improve upon the last, addressing weaknesses and amplifying strengths. This process of assessment, planning, implementation, and review allows for continuous improvement and adaptability.

2. Identify Potential Risks

Identifying potential risks involves conducting a thorough risk assessment to identify possible threats and vulnerabilities that could disrupt your business operations. Market fluctuations, technological disruptions, natural disasters, cyber threats, and changes in regulations are just a few examples of the risks that businesses face. When identifying potential risks, it’s critical to consider both internal and external factors. Internally, this could mean addressing gaps in employee skills or outdated technology.

Externally, it could involve adapting to changes in consumer behavior or economic environment instability. Tools and techniques like SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis or PESTEL (Political, Economic, Social, Technological, Environmental, Legal) analysis can be helpful in this process.

3. Know What Metrics You’ll Measure

Understanding what metrics to measure is a vital component of your business resilience strategy. These key performance indicators (KPIs) serve as tangible, quantifiable measures of your business’s performance and resilience. To start, identify metrics that directly link to your business objectives and resilience strategies.

This could include financial metrics such as revenue growth rate, gross profit margin, or cash flow, or operational metrics like customer satisfaction, employee turnover rate, or productivity. Identifying these metrics isn’t a one-time process — you should continually review and update them to reflect changes in your business environment and strategy.

4. Conduct Solid Market Research

Conducting solid market research involves gathering, analysing, and interpreting information about your business’s markets, your customers, their needs and preferences, and your competitors. It equips you with the knowledge and insights necessary to make informed business decisions, identify market trends, and anticipate changes that could impact your business.

This includes understanding shifts in customer behaviour, monitoring competitor activity, and staying abreast of industry developments. Market research can be accomplished through various methods, including surveys, interviews, focus groups, and online research.

5. Be Organized In Your Processes

Being organised in your processes is a key facet of organizational resilience. It involves creating, implementing, and maintaining structured workflows that promote efficiency, reduce errors, and bolster productivity. Start by clearly defining each process within your business, whether it’s your logistics network management, sales pipeline, customer service, or product development.

Once defined, document these processes in a comprehensive, easy-to-understand format. That way, everyone within your organisation knows what steps to take and when. Leverage process management tools to streamline workflows, automate repetitive tasks, and track performance. Regularly review and refine these processes to ensure they remain effective and efficient in the face of change.

6. Focus On Customer Pain Points

Understanding and addressing customer pain points is crucial for building a resilient business. By developing products or services that directly tackle your customers’ problems, you can enhance your value proposition and foster customer loyalty. To identify these pain points, engage in conversations, conduct surveys, and analyze customer feedback.

These insights will provide valuable information on your customers’ struggles and how your business can provide solutions. Tailor your offerings and marketing efforts accordingly, ensuring that you effectively address their needs.

7. Focus On Employee Training

Investing in employee training is vital for building business resilience. Your team members are your most valuable asset, and by enhancing their skills and knowledge, you can strengthen your business’s ability to withstand disruptions. Robust training programs not only improve proficiency in specific roles but also foster innovation and cultivate a culture of continuous learning.

This includes technical skills relevant to their positions as well as soft skills like communication, teamwork, and problem-solving. Regular training keeps your team up-to-date with industry trends, new technologies, and regulatory changes. It’s also crucial to customize training programs to meet the individual needs and career aspirations of your employees. Together, let’s empower your team for success!

8. Develop a Response Plan

Creating a well-rounded response plan is crucial for strengthening your business’s resilience. This plan acts as a guidebook during uncertain times, providing a clear roadmap on how to navigate disruptions and ensure continuity. At the start, outline each team member’s role and responsibilities during a crisis scenario, ensuring everyone knows what’s expected of them.

The plan should also cover potential disruptions like cyberattacks or logistics network issues, with tailored responses for each. Regularly test and refine the plan based on drill exercises, learning from outcomes and experiences. And don’t forget to include a clear communication strategy to keep all stakeholders – employees, customers, and suppliers – informed and engaged.

9. Test, Review, and Update the Plan

Testing, reviewing, and updating the plan is crucial to ensure its effectiveness during times of disruption. Simply creating a plan and forgetting about it won’t cut it. Instead, take a proactive approach by simulating potential disruptions through drills or exercises to see how your business responds. These tests will help you uncover weaknesses and find opportunities for improvement. Take the time to thoroughly review the outcomes of each test, identifying what worked well and what didn’t.

Use these insights to refine and update your plan, making it stronger and more effective. Remember to regularly go through this process to adapt to changes in your business environment, operations, or potential risks. And don’t forget to involve your whole team in these exercises! It not only ensures that everyone knows the plan and their role in it, but also fosters a company culture of preparedness and resilience within your organization.

10. Continuously Monitor the Environment for Changes

Continuous monitoring of the business environment is crucial to maintain resilience in an ever-changing marketplace. It involves keeping a close eye on various factors like economic trends, industry developments, regulatory changes, and technological advancements. By staying informed about these shifts, you can adapt your strategies promptly, seize emerging opportunities, and mitigate potential risks.

Tools like SWOT analysis, PESTEL analysis, and Porter’s Five Forces can be effectively utilized for monitoring the environment. Regular competitive analysis also provides valuable insights into your competitors’ strategies, helping you stay ahead.

How is Business Resilience Measured?

Business resilience, though intangible, can be quantified through certain indicators and metrics. Understanding how to measure business resilience provides a reliable compass for your long-term strategies, helping you identify areas of strength and uncover potential vulnerabilities

Define Resilience Indicators

Resilience indicators are objective metrics used to assess the resilience of a business. These crucial markers give you a tangible way to gauge how well your business is prepared to withstand disruptions and bounce back from adversity. These indicators typically fall into three key categories: operational resilience, financial resilience, and strategic resilience.

Operational Resilience Indicators

These indicators focus on your operational processes and infrastructure. They include strategic and operational factors such as the robustness of your logistics network, the reliability of your IT systems, and your ability to continue delivering products or services in the face of disruption. Key metrics may include downtime, recovery time objectives, and recovery point objectives.

Financial Resilience Indicators

Financial resilience indicators reflect your business’s financial health and stability. They shed light on your business’s capacity to endure financial shocks and maintain financial viability. Key metrics encompass liquidity ratios, profitability ratios, and debt-to-equity ratios, among others.

Strategic Resilience Indicators

Strategic resilience indicators examine your business’s ability to adapt its strategy in response to changing market conditions. They highlight how adept your business is at detecting potential threats and seizing emerging opportunities. Key metrics might encompass market share, customer retention rates, and the speed of response to market changes.

Crisis Management

In the realm of business resilience, crisis management plays a significant role. It refers to the strategies, tactics, and procedures your business employs to navigate through an unforeseen, often severe, event. Effective incident management is about preparing for the unexpected and having systems in place to manage disruptions and minimise their impact on your business. It entails identifying potential crises and disruptions, developing contingency plans, and rehearsing them.

When a crisis arises, swift and effective action is crucial. This involves implementing the contingency plan, communicating transparently with all stakeholders, and making necessary adjustments as the situation evolves. Key to this is a strong crisis management team. This team, often led by a crisis manager, should include individuals from various departments who can provide diverse perspectives and expertise.

Recovery Time

Recovery time, often referred to as Recovery Time Objective or RTO represents the duration within which a business function must be restored after a disruptive event to prevent unacceptable consequences. In simpler terms, it’s how quickly you need to get your operations back to normal to avoid significant damage to your business.

The shorter the RTO, the more resilient the business is. However, achieving a short RTO can involve significant investment in resources and planning. It’s essential to balance the cost of improving your recovery time with the potential impact of a prolonged business disruption. To do this effectively, you need to understand the criticality of different business functions and set your RTOs accordingly.

For example, processes directly related to customer service or revenue generation may require a shorter RTO. In contrast, ‘back-office’ functions can withstand a longer downtime. By understanding your RTOs, you can prioritize your resources and efforts, ensuring that your business can bounce back effectively when disruptions occur. This strategic approach to disaster recovery planning is particularly vital given the high stakes, with slow recovery potentially leading to permanent closure for a significant number of small companies.

Evaluate Organization’s Adaptability

Adaptability is like the lifeblood of resilience—it’s what sets businesses apart that not only survive but thrive in the face of change and adversity. When evaluating your organization’s adaptability, it’s crucial to assess its capacity to modify or transform structures and methods in response to shifting circumstances, especially ones that could potentially threaten survival, growth, or stakeholder satisfaction.

An important aspect to consider is the organization’s openness to innovation and new ideas. This can be reflected in how often products are updated, the adoption of new technologies, or the ability to enter new markets. Metrics like time to market for new products or services can provide valuable insights.

Cultural adaptability is another critical factor, referring to how well team members embrace change. Frequent resistance or slow adoption of new processes may indicate a lack of adaptability that could hinder resilience.

Flexibility in decision-making processes is also key to adaptability. Organizations that can make decisions quickly in response to new information or changing conditions tend to be more adaptable.

Lastly, don’t forget to consider the adaptability of your IT systems—their ability to swiftly accommodate changes in your business processes. Rigidity in these systems can greatly impede adaptability and, in turn, resilience.

Improve Supply Chain

A strong and adaptable supply chain can help your business maintain operations during a disruption, bounce back more rapidly afterward, and potentially gain a competitive edge. Here are a few strategies to bolster your chain resilience:

• Diversify Your Suppliers. Relying on a single supplier can be a significant risk. If this supplier faces a disruption, it could seriously impact your business. By diversifying your suppliers, you reduce the risk of being heavily affected by a single supplier’s problems.
• Improve Visibility. Understanding your logistics network inside and out can enable you to identify potential vulnerabilities and address them proactively. This involves having a clear view of the flow of goods and information throughout your supply chain, from raw materials to the end consumer.
• Invest in Technology. Supply chain technologies, such as AI and machine learning, can significantly enhance your chain’s efficiency and resilience. These technologies can provide predictive analytics, enabling you to anticipate disruptions and make data-driven decisions.
• Build Strong Relationships. Foster strong relationships with your suppliers. This can help to ensure better communication, collaboration, and problem-solving when disruptions occur.
• Plan for Disruptions. It’s crucial to have contingency plans in place for potential chain disruptions. This might involve identifying alternative suppliers, carrying safety stock, or having flexible manufacturing processes.

Resilience Analytics

Resilience analytics is a powerful tool that businesses can use to measure, monitor, and improve their resilience. It involves using data, statistical algorithms, and machine learning techniques to understand the likelihood of disruptions and evaluate the business’s ability to withstand and recover from them.

This process includes collecting and analyzing data from different parts of your business, such as operations, logistics networks, and market trends. By doing so, resilience analytics provides a clear, data-driven picture of how vulnerable your business is to disruptions and how effective your current resilience strategies are.

One of the great benefits of resilience analytics is its predictive capability. With the right data and algorithms, you can forecast potential disruptions and their impact on your business. This enables you to take proactive steps to mitigate risks and potentially prevent them from happening.

Resilience analytics also allows you to simulate various crisis scenarios and evaluate how your business would respond. This helps you identify any gaps in your plan and make necessary improvements.

Furthermore, resilience analytics can assist you in prioritizing your investments in resilience. By understanding the risks and potential impacts, you can allocate resources more effectively and invest in areas that will provide the most significant benefits in terms of resilience.

Risk Management

Risk management is a central component of building business resilience. It involves identifying, analysing, and taking measures to reduce or manage the risks that your business might face. An effective risk management strategy can significantly enhance your ability to navigate through uncertainty and potential disruptions. Here are some key steps to effective risk management:

• Risk Identification. Begin by identifying the potential risks that could disrupt your business operations. These can range from macroeconomic factors, such as changes in regulation or market volatility, to operational risks within your logistics network or IT systems.
• Risk Assessment. Once you’ve identified potential risks, assess their likelihood and potential impact on your business. This can help you prioritise the risks that need to be addressed urgently.
• Implement Mitigation Strategies. Develop and implement strategies to mitigate the identified risks. These could include diversifying your logistics network, implementing data backups, or investing in cybersecurity measures.
• Monitor and Review. Regularly monitor the risks and effectiveness of your mitigation strategies. This allows you to adapt and evolve your risk management efforts in line with changing circumstances.

Financial Stability

Financial stability is pivotal in building business resilience. A financially stable business can weather fluctuations in the market, absorb losses, and continue to function during unpredictable times. It enables you to make necessary investments, meet your financial obligations, and provide a safety net for potential disruptions or downturns. Here are some strategies to ensure financial stability in your business:

• Maintain Healthy Cash Flow. Ensure your business has a consistent and positive cash flow. This can be achieved by timely invoicing, efficient collection practices, and prudent expense management.
• Budgeting and Forecasting. Regularly review and update your budgets and financial forecasts. This will help you plan, make informed business decisions, and anticipate future financial needs.
• Diversify Revenue Streams. Relying on a single revenue stream can be risky. Diversification can provide a buffer against fluctuations in one particular area of your business.
• Build a Financial Cushion. Aim to build a reserve fund for your business to cushion against potential financial shocks. This can not only provide a safety net in times of crisis but also give you the freedom to seize new opportunities.
• Manage Debt Effectively. Keep an eye on your debt levels. While loans can help your business grow, excessive debt can lead to financial instability. Always have a clear plan for debt repayment.

Employee Morale

Employee morale plays a vital role in the resilience of a business. When your team is motivated, engaged, and committed to the company’s success, they can help steer your company through tough times. The significance of maintaining high morale cannot be emphasized enough; it impacts productivity, job satisfaction, and employee retention.

To boost morale, consider implementing strategies like open communication, regular feedback, recognizing achievements, and providing opportunities for career growth. Additionally, ensuring a healthy work-life balance and making employees feel valued can greatly contribute to their morale. In times of crisis, a resilient team with high morale becomes your most valuable asset.

Risks of Inadequate Business Resilience Planning

The absence of a robust business resilience and continuity strategy can expose your venture to a myriad of risks that may stifle growth, or worse, lead to the downfall of your business:

• Damaged reputation
• Threats to business continuity
• Slow recovery
• Environmental impacts
• Inability to support community

What Is an Example of Resilience in Business?

A prime example of resilience in business during the COVID-19 pandemic is the case of the global fitness brand, Peloton. When gyms and fitness centers worldwide had to close their doors due to lockdowns, many companies in the fitness sector suffered substantial losses. However, Peloton, a company that had invested in an at-home workout model, quickly adapted to these changes and seized the opportunity.

They ramped up their production of home exercise bikes and treadmills, expanded their online workout class offerings, and provided extended free trials to attract new customers. As a result, Peloton experienced a dramatic surge in sales and subscriptions, proving not only their resilience but also their ability to thrive amid a crisis. Their success underscored the importance of having a flexible business model and the ability to respond quickly to changes in the market landscape.

FAQs

What is a business resilience framework?

A business resilience framework is like a strategic plan that helps a business deal with tough times and come out stronger. It covers things like managing risks, keeping finances stable, boosting employee morale, and being adaptable in operations. The main goal is to keep the business going even when faced with disruptions and quickly bounce back.

It’s also about learning from these tough times and getting better prepared for the future. This framework isn’t a one-size-fits-all solution; it needs to be customized to fit each business’s unique needs, resources, and risks. Regular updates and reviews are important to make sure it keeps working well over time.

Is resilience a skill or quality?

Resilience is an incredible thing. It’s not just a quality, but also a skill that we can develop. When life throws challenges at us, resilience helps us bounce back. It’s about being strong, adaptable, and never giving up. For businesses, resilience means strategic planning, managing risks, and keeping things stable. It’s about taking care of our employees and creating a culture of learning and flexibility. We can acquire resilience through experiences and proactive strategies. It’s not just about surviving, but using those challenges to grow, innovate, and thrive.

What is the ISO standard for resilience?

The ISO standard for resilience is ISO 22316:2017. This international standard explains the principles of resilience and helps us understand what resilience means. It gives guidance on how organizations can improve their resilience to handle the complexity and uncertainty caused by different disruptions.

The standard also helps businesses identify the factors that affect their resilience, such as their strategy, operations, stakeholder engagement, and logistics network. ISO 22316:2017 can be applied to any organization, regardless of size or nature. By following this standard, businesses can enhance their resilience and be better prepared to respond to and recover from disruptions.