Word of the Day | Business Resilience

Business Resilience

We often speak of having resilience in the blockchain and crypto markets.

Imagine a little toy boat sailing on a lake. Sometimes the lake is calm, but other times there are storms, big waves, or even unexpected obstacles like floating logs.

Business resilience is like how well that little boat can handle those rough patches and keep sailing without sinking.

  • The "Storms" for a Business could be anything that makes things difficult:

    • Global financial economy changing

    • A key supplier going out of business

    • A new competitor shaking things up

    • A natural disaster like a flood or fire

    • Even something like a big change in what customers want

    • Changing rules & regulations

  • A "Resilient" Business is a business that:

    • Doesn't easily break or fail when these "storms" hit

    • Can bounce back quickly after a problem

    • Might even be able to adapt and change so it's stronger after going through a tough time

For a business, being resilient means having things in place to:

  • See potential problems coming

  • Have backup plans

  • Be able to adjust quickly

  • Have strong foundations

  • Expect the unexpected

So, business resilience is all about a company's ability to survive, adapt, and thrive even when unexpected and difficult things happen. It's about being tough and flexible enough to keep going.


https://www.dbm.academy/faq for more blockchain vocabulary.