Why the anti-fragile approach will support your business

Brexit. COVID-19. Cost of living. Energy prices. Number 10. Bank rates. Economic freefall.

It’s fair to say businesses have faced an unprecedented number of challenges over the past two years and if you’ve felt like curling up under a blanket until it’s all gone away, then you are not alone.

But there is an increasing number of people who want to say: “Bring it on. Do your worst”.

And these people have an ‘antifragile’ mindset.

The concept was introduced by writer, statistician and risk analyst Nassim Nicholas Taleb in his book Antifragile: Things That Gain From Disorder.

He explains that being antifragile is akin to a step-up from being simply resilient. Not only can you deal with life’s challenges, but you can also use them to your advantage.

And in the face of everything that is happening right now, being antifragile as a business owner can help you not only deal with the issues, but also make you stronger for the future.

Cash flow to build resilience

It’s tempting when times are good to enjoy the fruits of your labour. However, ensuring your business is prepared for future change and challenges means retaining sufficient funds to weather future storms. What does this look like? Most experts recommend three to six months of operating expenses to be held in your bank.

Skills and talent

Do you have the team you need now to support your business growth for the next 12 to 24 months? For most businesses, it’s the skills, talent and innovative nature of employees that can help sail you through choppy waters. Take time to assess your current team and consider what your customers could need in the future. Identify any skills gaps so your business can evolve to meet those needs.

Building an agile ecosystem

If you needed to pivot your business model to keep up with customer demand, could you? If, for any reason, your business had to focus on a new market to make sales, you would need to ensure the resources are at hand to deliver that change. And it’s not just your staff; it’s your software, processes and mentality of senior leadership that will be able to  support and guide these types of changes.

For business owners, becoming anti-fragile is about more than just a mentality shift; it’s acknowledging that change is constant and positioning yourself and your business in a place of strength and resilience.

Latest Blog
28
Aug

Effects of the US presidential election

The American presidential election may have significant effects on the United Kingdom...

Read More
27
Aug

Further drop in interest rates

Interest rates are a powerful lever in our economy. Increase rates and economic activ...

Read More
22
Aug

Rachel Reeves announcements since the election

Since Rachel Reeves was appointed Chancellor of the Exchequer in May 2024, she has ma...

Read More
20
Aug

Private pension contributions

Tax relief on private pension scheme contributions is a significant incentive in the ...

Read More