ICAEW has published the outcomes from a recent business resilience roundtable meeting which looked at why some companies succeed while others fail.
The event was held on 3rd October in collaboration with Leeds University Business School and highlighted early signs of potential failure and how turning to academic research could steer businesses toward effective and sustainable solutions.
Businesses participating in the round table pinpointed three core differentiators that set companies apart during challenging periods:
- A deep understanding of their value proposition and revenue streams forms a solid foundation for successful businesses.
- A strong leadership team and disciplined internal professionals plays a big part when financial constraints loom.
- Risk identification and management has a particularly important role to play in reducing the occurrence of ‘surprise’ failures.