intelligent
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OMPANIES NEED TO be
C ready for the crises that cause a noticeable impact on the business and how they continue to operate . This includes everything from natural disasters to data breaches to supply chain failures . And something that ’ s not part of every organisation ’ s Business Continuity plan , but should be , are market shifts and economic downturn . While typically a more gradual disruption than a natural disaster or cybersecurity issue , these events can completely change how a business operates .
During our 35 years at Infragistics , we ’ ve faced our fair share of disruptions like any business , but the biggest challenges to our business have been those from our own industry . Technology can be an especially volatile industry as new companies emerge and tech evolves , forcing businesses to adapt , or get left behind . For example , over threeplus decades I ’ ve navigated the company through a series of tumultuous moments in the Internet ’ s ongoing evolution from the dot-com tech bubble of the late 90s , the explosion of the Internet , the 2008 recession and even the launch of the iPhone . Each of these events impacted the needs of our customers , the products we create and sell and , ultimately , the direction of our business .
There ’ s not one specific method to best address an emergency or industry disruption , but rather a series of steps businesses can take to prepare , adapt , react and drive future success .
Here are five tips to prepare for the inevitable business emergencies and industry disruptions and respond accordingly to successfully move business forward :
1
Have money in the bank
The worst thing a business can be is unprepared . Without having the proper protocols and systems in place before a disaster strikes , a company puts itself at more risk of a disruption making a severe impact on business .
A big part of the preparation , if not the biggest , is finances . A company ’ s employees and products and / or services may remain
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COMPANIES NEED TO BE READY FOR THE CRISES THAT CAUSE A NOTICEABLE IMPACT ON THE BUSINESS AND HOW THEY CONTINUE TO OPERATE .
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