Business resilience in dealing with economic crises: Developing a model to measure business resilience

Research output: Contribution to journalArticle

Abstract

Resilience is the capacity of any system, including business organizations and firms, to absorb the impact of an adverse event, adapt to it, recover effectively, and then return to a normal or better state. Studies on resilience have grown in recent times, covering various disciplines, including but not limited to individual human psychology and development, organisational dynamics, defence and security, community disaster response, and business continuity. In light of current financial and economic realities and the fact that businesses are facing increasing levels of risk, this paper proposes that:
• In addition to existing risk management and business continuity planning, business organizations should seriously start developing a business resilience capacity that could address whatever risk management or business continuity planning could not foresee or deal with, and;

• In developing a resilience capacity, the first step is to develop a conceptual model of what business resilience is and how to measure it which could be adapted to serve any business entity in any situation.
Original languageEnglish
Pages (from-to)23-46
Number of pages23
JournalJournal of Business and Economics in Times of Crisis
Volume2
Issue number2
Publication statusPublished - 2017
Externally publishedYes

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