Have you got small firm Resilience?

Earlier this year, UK government launched a consultation called “Restoring Trust in Audit and Corporate Governance” 18 March 2021.

The Report proposed that larger companies report each year on ‘resilience’ measures in place.

We agree directors should focus on the long-term success of their company and think actively about resilience.

But we say small firms need resilience too… from day one. (Start young, be prepared).

The Government wants premium listed companies, to produce annual resilience statements, preparing those companies to take heed of risk including:

• Liquidity / solvency
• Supply chain risk
• Digital data security
• Dividend distribution sustainability
• Climate risk

The Report tells us that resilience chiefly consists of these key pillars:

• business continuity,
• supply chain resilience, and
• digital security.

A good list.  But why should resilience be exclusively top-down??  As a director in SME firm, you can learn much from what big companies are doing – but don’t be fooled into thinking they need to show the way, before you act. 

Smaller firms are the building blocks of the UK economy and innovation hubs. 

You deserve to be resilient:

• Don’t wait to be resilient. 
• Take suitably proportionate measures to beef up your resilience today.
• When you think about resilience, take action such as risk mitigation – even if this is just passive monitoring. 
• Don’t wait for an expensive upheaval to present itself.

You’re very much on our radar.

• Board Originator gives you with automated headline risks the moment you join
• Board Originator prompts you to form mitigations.  
• Board Originator has you prepared in a working systematic platform.

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