Whether those organisations understood it at the time, it was touted that their failure would create an economic wasteland the like the world has never seen before in the whole of human history.
In 2008, this problem was delivered to the world by Governments in spades.
All well and good. The world survived but the actual business landscape has significantly changed since it happened.
Changed in some areas and not at all in others.
Too big to fail is still touted by governments and industry leaders but there has been a significant change in the working man’s thoughts.
Small and medium business have come to the fore!
The implementation and management of the multinational digital organisations and systems have made SME’s competitive.
Platforms that allow SME’s to compete on an even playing field are everywhere.
Cloud-based systems, social media targetting and the fact that all of our prospects are mobile puts everyone in the same game.
The SME’s agility, adaptability, and responsiveness combined with these platforms make them contestant and champions in the new economic arena.
But with this new found capability comes a lack of understanding of the digital platforms that they are using. An inability to see the dangers because they are so agile.
So focussed on keeping ahead that they do not see, other possibilities.
What happens when it goes to custard?
The statistics for SME’s failing are not easy to come across.
When they fail there is little fanfare.
Very little ramifications. The flow on effect is minimal!
The owners usually declare bankrupt because they have funneled everything into the business. A couple of people are out of a job.
When it comes to SME’s, pride has kept it afloat.
The fact that in some cases they have had to beg, borrow and steal to keep the business viable, afloat and thriving in the changing economic environment is indicative of most SME’s who will do anything and everything to survive.
When the failure is out of the owners hands, that is a different issue.
A natural disaster is one way this can happen, another is a cyber event.
A cyber event can happen at any time, any place and to anyone.
The perfect storm.
The perfect storm created by our reliance on the cyber. Created by our attitude. You know the ones – we are too small, we have nothing worth stealing and she’ll be right.
When it happens for an SME, there is no “do over”, no “too small to fail”. They are just “out of business”
SME’s still have the flexability and adaptability to stay in business but they now need to create resilience. To be stronger, recoverable and less brittle.
To do that they need to act, in kind, the same way that larger organisation act. They need to have the right policies, processes and procedures in place.
Have the right framework around them to ensure that they are more flexable and better protected than their competition.
A cyber event can range from a slight inconveniance to profound impact, but no matter what the event you have to have some way back from the brink.
Business continuity, disaster recovery and business resilience are all components of today’s agile business.
Without them, you are not agile, not resilient.
You are definitely too small to matter!