2/15/22, 9:20 AM
How to Manage the Threat of Business Disruption | John David Hartigan | Business
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How to Manage the Threat of Business Disruption by John David Hartigan | Feb 15, 2022 | John David Hartigan
Business disruption is a term commonly thrown around these days, yet it isn’t widely understood. Business disruption refers to the drastic changes within the marketplace, from new technology taking over to global events and their impact on the industry. There is no natural connotation to this term, as it can be applied to positive and negative scenarios. For example, business disruption can refer to the process where non-conventional business models begin replacing current business processes. In other words, it is the term used to describe when an industry adapts or changes rapidly following a new technique or advancement. Alternatively, this term could also apply to how the pandemic forced creative responses from nearly every industry.
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2/15/22, 9:20 AM
How to Manage the Threat of Business Disruption | John David Hartigan | Business
Regardless of the outcome, the key lesson here is clear. All businesses must learn to plan, but in such a way that allows for adaptability. With proper planning, it is entirely possible to mitigate many of the effects of these threats. There are several ways to go about this. Plan Ahead An effective business leader knows how to plan. More importantly, they know that the best plan comes with contingency plans, as it can be challenging to predict the future. However, having multiple plans in place increases the odds of having the correct one on hand when needed. Having multiple plans in place ahead of time is highly beneficial, as these plans can be initiated at a moment’s notice. Furthermore, they can provide a sense of cohesion in the face of drastic change and panic. Research When facing a new problem, threat, or idea in the industry, it is critical to gather as much data as possible on the subject. By gathering information, one increases the odds of making informed decisions on the issue while simultaneously increasing the confidence and morale of the entire company. There are several ways to gather this data, though it will be partially dependent on the issue or new idea. Start by analyzing the change; is it a threat, a potential asset, something that can easily be adapted? Once these questions are answered, continue digging into the problem, looking at it from every angle. This includes taking the company’s target demographic into account.
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2/15/22, 9:20 AM
How to Manage the Threat of Business Disruption | John David Hartigan | Business
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