Survive and Thrive

Battening down the hatches and reinforcing traditional ways of working, is unlikely to help businesses weather the storm. Instead, business leaders must now adopt a system offering resilience and scalability. Keeping your organisation agile, fostering entrepreneurial innovation and maintaining a capacity for rapid, continuous and systematic adaption is now more important than ever.

Thinc’s new Survive + Thrive series, on business resilience, is designed to help.

Doing business while the paradigm shifts

Globally, we’re seeing the unprecedented adoption and advancement of technology. We’re seeing a revolution in human behaviour as work, the workplace and industry are all being redefined, creating a radically different landscape. This is a true paradigm shift.

Some businesses were better equipped to weather the Covid-19 crisis; they had digital transformation plans in place and were becoming more agile in operations. However, many businesses were not far enough along their digitisation journey when the crisis hit; others, still, were lumbered with legacy technology that wasn’t fit for purpose even in pre-Covid times.

These same businesses were and still are being forced to make changes at real pace. They’re reactionary rather than proactive, and this creates a quandary: How can businesses mitigate operational and financial risk, whilst simultaneously taking on digital transformation initiatives to thrive in the new normal?

Your business can make it through the coming darkness

The most significant recent period of volatility came after the Global Financial Crisis in 2008, where GDP fell 1.9%.

However, research by McKinsey identified a group of resilient companies that not only survived through the turbulence, but thrived through the recovery. Business owners can, and should, learn from what made these companies resilient.

To help, we’ve analysed available research and found the most successful businesses typically focus on three key areas – maximising revenue; streamlining costs; and navigating risk.

Our Survive + Thrive series of insights takes a look at how business can use technology to tackle these key challenges, in turn, building resilience and maximising potential.

• Maximising revenue:How can digitisation help you to protect existing revenue streams and potentially exploit new opportunities to maximise your revenue?
• Streamlining costs: Where can you outsource services, automate tasks or look again at recurring costs (such as licenses) to keep tighter control over spending?
• Navigating risk:Have you considered the security implications of a distributed workforce? Do you have robust plans and protocols to support business continuity, and access to real-time data insights to mitigate risk in decision-making?

In the coming weeks we’ll release insights on each of these key areas.

We’re also offering a FREE Resilience Audit to UK SME businesses wanting a snapshot of how they stand right now, and guidance on how they can become more resilient.

Sign-up to complete our Resilience Audit self-assessment here and receive your personalised report.