Navigating Tough Times: How Businesses Prioritize Resiliency Amid Economic Setbacks
In partnership with the U.S. Chamber of Commerce, RSM delivered data on middle-market firms starting in 2015. Released on January 31, 2022, this report found that although the pandemic disrupted the economy, mid-market firms remained tenacious. Businesses committed to resiliency have harnessed the right strategies to confront unpredictable events.
Inflation & Omicron are Wearing Down Businesses
Businesses are enduring inflation, labor shortages, compromised supply chains, and continuous COVID disruptions. With consistent business interruptions, executives created robust strategies to combat the ongoing market inflations.
The Omicron variant triggered an unsettling impact on the economy. Businesses and consumers are confronting rising prices, a lack of resources, and unpredictable business cycles that burden the middle market.
However, the first sign of relief is coming, and inflation is on its way out. While there is no concrete time when the surge will subside, the decrease in pricing will receive a warm embrace from middle-market firms.
An Increased Emphasis on Data Security
Today, hackers, ransomware attacks, and data breaches are chief threats to companies. In the last 12 months, 22% of middle-market companies experienced a data breach.
The pandemic increased discrepancies in receiving products, raw materials, and services because of the cyber attacks on upstream suppliers. Even though cybersecurity threats are ever present, companies now understand how these threats occur and how to prevent them.
Companies are taking strong measures to prevent cybersecurity breaches and have successfully decreased threats with the right technology and strategic foresight.
Technology is a Hardhat for the Future
High-growth companies are adapting rapidly to unpredictable events due to the pandemic. By implementing robust tech stacks, these businesses are future-proofing their operations to remain vigilant in times of uncertainty.
Cutting-edge technology is helping businesses grow and scale their organizations. The right software can improve operational needs and give companies a clear lens on initiatives and projects to secure their strategic objectives. Cloud-based solutions enable businesses to work more efficiently while achieving compliance and preventing fraud.
Technology allows finance leaders to forecast what the company needs to prioritize and can predict potential variances to look out for.
Modern Pillars of Innovation
RSM has revealed that there has never been a better time to enhance business workflows by adopting new strategies. The pandemic proved that obsolete processes are not sustainable during inflation, and it certainly is risky due to the increase of cybersecurity breaches.
Successful businesses embrace these upsets and implement new solutions to drive resiliency and business growth by being an agent of change. Today, they’re a symbol of reinvention.