Fundamentals

In the realm of Small to Medium Size Businesses (SMBs), the concept of Antifragility, borrowed from Nassim Nicholas Taleb’s work, offers a powerful lens through which to view resilience and growth. At its core, an antifragile SMB Meaning ● Antifragile SMBs thrive on chaos, using disruptions as fuel for growth and innovation in unpredictable business environments. is not merely robust or resilient ● it’s a business that actually benefits from disorder, volatility, and stressors. Think of it like this ● a fragile business breaks under pressure, a resilient business withstands pressure and returns to its original state, but an antifragile business emerges stronger and improved after facing challenges. For SMBs, operating in often unpredictable and resource-constrained environments, cultivating antifragility is not just advantageous, it’s becoming increasingly essential for long-term survival and prosperity.

Understanding Basic Fragility, Resilience, and Antifragility in SMBs

To grasp antifragility, it’s crucial to differentiate it from fragility and resilience. Imagine three types of SMBs facing an economic downturn:

• Fragile SMBs ● These businesses are highly susceptible to negative shocks. They might have high debt, low cash reserves, or rely heavily on a single customer or product. An economic downturn could lead to immediate financial distress, layoffs, or even closure. They are like a glass vase ● easily shattered by unexpected events.
• Resilient SMBs ● These businesses can withstand shocks and bounce back to their original state. They might have diversified revenue streams, some cash reserves, and adaptable processes. An economic downturn might cause temporary setbacks, but they can weather the storm and recover. They are like a rubber ball ● they bend but return to their shape.
• Antifragile SMBs ● These businesses not only withstand shocks but actually improve because of them. They are designed to learn from volatility, adapt quickly, and emerge stronger. An economic downturn might expose weaknesses, forcing them to innovate, streamline operations, or discover new opportunities. They are like the mythical Hydra ● cut off one head, and two grow back stronger.

For a new entrepreneur or someone unfamiliar with these concepts, it’s important to understand that most businesses, especially startups, tend to lean towards fragility initially. This is often due to limited resources, untested business models, and a lack of established processes. The journey towards building an antifragile SMB is a process of deliberate design and continuous adaptation.

Key Principles of Antifragility for SMBs ● A Beginner’s Perspective

Even at a fundamental level, SMBs can start incorporating antifragile principles. Here are a few key areas to focus on:

Embracing Redundancy (Within Reason)

While efficiency is often prized in business, complete optimization can lead to fragility. Imagine an SMB relying solely on one supplier for a critical component. If that supplier faces disruption, the entire business is at risk. Antifragility suggests building in some redundancy.

This doesn’t mean wasteful duplication, but rather strategic backups and alternatives. For example:

• Multiple Suppliers ● Instead of relying on a single supplier, cultivate relationships with two or three reliable suppliers for key inputs. This provides options if one supplier faces issues.
• Cross-Training Employees ● Train employees in multiple roles. If one employee is absent or leaves, others can step in, ensuring business continuity.
• Backup Systems ● For critical systems like IT infrastructure, have backup systems in place. Cloud backups, redundant servers, and disaster recovery plans are essential.

Redundancy, in this context, is not about inefficiency, but about buying insurance against unforeseen disruptions. It’s about recognizing that in a complex and unpredictable world, some slack in the system can be a source of strength.

Experimentation and Small Bets

Antifragile SMBs thrive on experimentation. They understand that not all experiments will succeed, but failures provide valuable learning opportunities. The key is to make small, controlled bets, so that failures are contained and don’t jeopardize the entire business. This approach is particularly relevant for SMBs exploring new markets, products, or marketing strategies.

Consider these practical applications:

1. A/B Testing for Marketing ● When launching a new marketing campaign, don’t commit all resources to a single approach. Run A/B tests with different messaging, channels, or target audiences to see what works best. Scale up what succeeds and quickly discard what fails.
2. Pilot Programs for New Products/Services ● Before fully launching a new product or service, conduct pilot programs with a small group of customers. Gather feedback, identify issues, and refine the offering based on real-world data.
3. Employee Empowerment for Innovation ● Encourage employees to propose and test new ideas, even if they seem unconventional. Create a safe space for experimentation where failure is seen as a learning opportunity, not a punishment.

By embracing experimentation and small bets, SMBs can continuously learn, adapt, and discover new avenues for growth. This iterative approach is fundamental to building antifragility.

Decentralization and Modularity

Centralized systems can be efficient in stable environments, but they are often fragile in the face of shocks. If a central point of failure is disrupted, the entire system can collapse. Antifragile SMBs often benefit from decentralization and modularity. This means breaking down the business into smaller, more independent units that can operate autonomously and adapt to local conditions.

For SMBs, decentralization can manifest in various ways:

• Autonomous Teams ● Organize teams around specific projects or functions and give them autonomy to make decisions and manage their work. This reduces bottlenecks and allows for faster adaptation.
• Modular Product/Service Offerings ● Design products and services in modular components that can be easily reconfigured or adapted to meet changing customer needs or market demands.
• Distributed Operations ● If geographically relevant, consider distributed operations rather than relying on a single central location. This can reduce vulnerability to local disruptions and improve responsiveness to diverse markets.

Decentralization and modularity create robustness by distributing risk and fostering adaptability at the local level. It allows the SMB to be more agile and responsive to change.

Simple Steps to Start Building Antifragility

For SMBs just starting to think about antifragility, the journey can seem daunting. However, even small, incremental changes can make a significant difference. Here are a few actionable steps to begin with:

1. Conduct a Fragility Audit ● Identify the areas in your business that are most vulnerable to shocks. Where are the single points of failure? What dependencies could cause significant disruption?
2. Build a Buffer ● Start building cash reserves, even if it’s just a small percentage of revenue each month. A cash buffer provides a cushion to absorb unexpected expenses or revenue dips.
3. Diversify Revenue Streams ● Don’t rely too heavily on a single customer, product, or market. Explore opportunities to diversify your revenue streams to reduce vulnerability to fluctuations in any one area.
4. Embrace Feedback and Learning ● Create systems for gathering feedback from customers, employees, and the market. Actively learn from both successes and failures and use this learning to continuously improve.

Building an antifragile SMB is not a one-time project, but an ongoing process of adaptation and improvement. By understanding the fundamental principles and taking small, deliberate steps, even the smallest SMB can begin to cultivate the resilience and growth potential that antifragility offers.

Antifragile SMBs are not just survivors; they are businesses designed to thrive amidst uncertainty and volatility, turning challenges into opportunities for growth and improvement.

Intermediate

Moving beyond the fundamentals, understanding antifragile SMBs at an intermediate level requires delving deeper into strategic implementation and leveraging automation to enhance adaptability. At this stage, we recognize that antifragility is not just a set of isolated tactics, but a holistic business philosophy that permeates all aspects of the organization. It’s about building systems and processes that are inherently designed to learn, adapt, and evolve in response to stress and disorder. For SMBs aiming for sustained growth and competitive advantage Meaning ● SMB Competitive Advantage: Ecosystem-embedded, hyper-personalized value, sustained by strategic automation, ensuring resilience & impact. in dynamic markets, a more sophisticated understanding of antifragility is crucial.

Advanced Strategies for Building Antifragile SMBs

Building upon the foundational principles, intermediate strategies for antifragility involve more nuanced and integrated approaches. These strategies often require a deeper understanding of the business ecosystem and a willingness to embrace complexity.

Optionality and Diversification ● Beyond Basic Revenue Streams

While basic diversification of revenue streams is a good starting point, intermediate antifragility requires a more strategic approach to Optionality. Optionality refers to having multiple options available and the flexibility to switch between them as conditions change. For SMBs, this means not just diversifying products or services, but also diversifying business models, customer segments, and even operational approaches.

Consider these advanced diversification strategies:

• Platform Business Models ● Explore platform business models that connect multiple user groups (e.g., buyers and sellers, service providers and clients). Platforms inherently benefit from network effects and can be more resilient to disruptions affecting specific sectors.
• Geographic Diversification ● Expand into new geographic markets, either domestically or internationally. This reduces reliance on a single local market and exposes the SMB to diverse economic conditions and opportunities.
• Product/Service Ecosystems ● Develop a portfolio of products and services that are interconnected and complement each other. This creates customer lock-in and reduces vulnerability to disruption in a single product line.

Optionality is about creating a portfolio of choices and the agility to exercise those choices effectively. It’s about positioning the SMB to capitalize on unexpected opportunities and mitigate risks from unforeseen threats.

Stress Testing and Scenario Planning ● Proactive Vulnerability Assessment

Antifragile SMBs don’t just react to stress; they proactively seek it out in controlled environments to identify weaknesses and improve resilience. Stress Testing and Scenario Planning are crucial tools for this. Stress testing involves simulating extreme conditions to see how the business would perform, while scenario planning Meaning ● Scenario Planning, for Small and Medium-sized Businesses (SMBs), involves formulating plausible alternative futures to inform strategic decision-making. involves developing and analyzing different plausible future scenarios to prepare for a range of possibilities.

Practical applications for SMBs include:

1. Financial Stress Tests ● Simulate scenarios like a sudden drop in sales, a major customer default, or a significant increase in operating costs. Assess the impact on cash flow, profitability, and solvency.
2. Operational Stress Tests ● Simulate disruptions to key operations, such as supply chain breakdowns, IT system failures, or employee absenteeism. Identify bottlenecks and vulnerabilities in operational processes.
3. Market Scenario Planning ● Develop scenarios for different market conditions, such as economic recessions, technological shifts, or changes in customer preferences. Analyze how the business would need to adapt in each scenario.

By proactively stress testing and scenario planning, SMBs can identify weaknesses before they are exposed in real crises and develop contingency plans to mitigate potential damage.

Feedback Loops and Iterative Improvement ● Data-Driven Adaptation

Antifragility thrives on feedback. SMBs need to establish robust feedback loops Meaning ● Feedback loops are cyclical processes where business outputs become inputs, shaping future actions for SMB growth and adaptation. to continuously learn from their environment and adapt their strategies and operations. This requires leveraging data and analytics to monitor performance, identify trends, and make informed decisions. Iterative Improvement, often through agile methodologies, becomes a core competency.

Implementing effective feedback loops involves:

• Key Performance Indicators (KPIs) and Dashboards ● Define relevant KPIs to track business performance across different areas (e.g., sales, marketing, operations, customer satisfaction). Use dashboards to visualize data and monitor trends in real-time.
• Customer Feedback Systems ● Implement systems for collecting and analyzing customer feedback, such as surveys, reviews, and social media monitoring. Use feedback to improve products, services, and customer experience.
• Employee Feedback and Suggestions ● Encourage employees to provide feedback and suggestions for improvement. Create channels for open communication and actively solicit input from all levels of the organization.

Data-driven decision-making and iterative improvement are essential for continuous adaptation and building antifragility. SMBs that can effectively learn from data and feedback are better positioned to navigate change and capitalize on emerging opportunities.

Automation and Technology ● Amplifying Antifragility in SMBs

Automation and technology play a crucial role in amplifying antifragility in SMBs. By automating repetitive tasks, streamlining processes, and leveraging data analytics, SMBs can become more agile, efficient, and resilient. Strategic automation is not just about cost reduction; it’s about building systems that are inherently more adaptable and responsive to change.

Automating for Flexibility and Scalability

Automation can significantly enhance flexibility and scalability, key components of antifragility. Consider these automation applications:

1. Cloud-Based Infrastructure ● Migrate to cloud-based infrastructure for IT systems, data storage, and software applications. Cloud services offer scalability, flexibility, and redundancy, reducing reliance on on-premise infrastructure.
2. Process Automation Tools ● Utilize process automation Meaning ● Process Automation, within the small and medium-sized business (SMB) context, signifies the strategic use of technology to streamline and optimize repetitive, rule-based operational workflows. tools (e.g., Robotic Process Automation – RPA, workflow automation software) to automate repetitive tasks in areas like customer service, order processing, and data entry. This frees up human resources for more strategic and adaptive tasks.
3. Marketing Automation ● Implement marketing automation platforms to automate marketing campaigns, lead nurturing, and customer communication. This allows for personalized and scalable marketing efforts, improving responsiveness to market changes.

Automation, when strategically applied, creates a more flexible and scalable operational foundation, enabling SMBs to adapt quickly to changing demands and scale operations up or down as needed.

Data Analytics for Proactive Adaptation

Data analytics is the engine of proactive adaptation Meaning ● Proactive Adaptation: SMBs strategically anticipating & shaping change for growth, not just reacting. in antifragile SMBs. By leveraging data analytics, SMBs can gain deeper insights into their business, identify emerging trends, and make data-driven decisions to anticipate and respond to change.

Key areas for data analytics Meaning ● Data Analytics, in the realm of SMB growth, represents the strategic practice of examining raw business information to discover trends, patterns, and valuable insights. application include:

• Predictive Analytics ● Use predictive analytics to forecast future demand, identify potential risks, and anticipate market shifts. This allows for proactive adjustments to inventory, staffing, and marketing strategies.
• Customer Analytics ● Analyze customer data to understand customer behavior, preferences, and needs. This enables personalized marketing, improved customer service, and the development of targeted products and services.
• Operational Analytics ● Analyze operational data to identify inefficiencies, bottlenecks, and areas for improvement. This leads to streamlined processes, reduced costs, and enhanced operational resilience.

Data analytics empowers SMBs to move from reactive to proactive adaptation, anticipating change and making informed decisions to maintain a competitive edge in dynamic environments.

Cybersecurity and Data Protection ● Protecting Against Fragility in the Digital Age

In an increasingly digital world, cybersecurity and data protection Meaning ● Data Protection, in the context of SMB growth, automation, and implementation, signifies the strategic and operational safeguards applied to business-critical data to ensure its confidentiality, integrity, and availability. are critical for antifragility. Cyberattacks and data breaches can be significant stressors that can cripple fragile SMBs. Investing in robust cybersecurity measures and data protection strategies is essential to mitigate these risks.

Key cybersecurity and data protection measures include:

1. Cybersecurity Infrastructure ● Implement firewalls, intrusion detection systems, and other cybersecurity infrastructure to protect against cyber threats.
2. Data Encryption and Backup ● Encrypt sensitive data and implement regular data backups to ensure data recovery in case of cyberattacks or data loss.
3. Employee Training and Awareness ● Train employees on cybersecurity best practices and raise awareness about phishing scams, malware, and other cyber threats.

Cybersecurity and data protection are not just about preventing attacks; they are about building resilience into the digital infrastructure of the SMB, ensuring business continuity and protecting against potentially devastating disruptions.

Intermediate antifragility for SMBs is about strategic diversification, proactive risk assessment, data-driven adaptation, and leveraging automation and technology to build a business that not only withstands shocks but actively learns and improves from them.

To illustrate the practical application of these intermediate strategies, consider a hypothetical SMB in the e-commerce sector, “EcoThreads,” selling sustainable clothing online. Initially, EcoThreads was fragile, relying heavily on a single supplier and a limited product line. To build antifragility at an intermediate level, they implemented the following:

Through these intermediate strategies, EcoThreads transformed from a fragile startup to a more resilient and adaptable SMB, better positioned to navigate the uncertainties of the e-commerce market and achieve sustainable growth.

Advanced

At an advanced level, the concept of “Antifragile SMBs” transcends simple definitions of resilience and enters the domain of complex systems theory, organizational ecology, and strategic management. The meaning of antifragility for SMBs, when viewed through an advanced lens, becomes deeply nuanced, encompassing not just the ability to withstand shocks, but the inherent capacity to evolve, innovate, and gain systemic advantages from disorder. This perspective requires rigorous analysis, drawing upon established business research, empirical data, and cross-disciplinary insights to redefine and contextualize antifragility within the unique landscape of SMB operations.

Redefining Antifragile SMBs ● An Advanced Perspective

The advanced meaning of Antifragile SMBs moves beyond a simplistic interpretation of benefiting from volatility. It necessitates a critical examination of the mechanisms through which SMBs can achieve antifragility, considering diverse perspectives and cross-sectoral influences.

Antifragility as Emergent Property of Complex Adaptive Systems

From a complex systems perspective, an Antifragile SMB can be understood as a Complex Adaptive System (CAS). CAS are characterized by emergent properties ● system-level behaviors that arise from the interactions of individual components, but are not predictable from the components themselves. Antifragility, in this context, is not a pre-designed feature, but an emergent property that arises from the dynamic interactions within the SMB and its environment. This perspective emphasizes:

• Decentralized Decision-Making ● In CAS, control is distributed rather than centralized. Antifragile SMBs often exhibit decentralized decision-making structures, empowering employees at various levels to adapt to local conditions and contribute to overall system resilience.
• Feedback Loops and Self-Organization ● CAS are governed by feedback loops that allow them to learn and adapt. Antifragile SMBs establish robust feedback mechanisms to monitor performance, identify deviations, and self-organize in response to changing conditions.
• Diversity and Redundancy ● Diversity of components and redundancy of functions are crucial for CAS resilience. Antifragile SMBs cultivate diversity in their workforce, product offerings, and operational processes, and build in redundancy to buffer against disruptions.

Viewing Antifragile SMBs as CAS highlights the importance of organizational structure, information flow, and internal dynamics in fostering antifragility. It shifts the focus from simply reacting to shocks to proactively designing systems that are inherently adaptive and evolutionary.

Organizational Ecology and Niche Construction for Antifragility

Organizational ecology provides another valuable lens for understanding Antifragile SMBs. This perspective emphasizes the interplay between organizations and their environments, drawing parallels to biological ecosystems. Antifragile SMBs, from an ecological viewpoint, are adept at Niche Construction ● actively shaping their environment to their advantage. This involves:

1. Resource Partitioning ● Antifragile SMBs identify and exploit niche markets or customer segments that are underserved by larger, more generalized competitors. This reduces direct competition and creates a more protected market space.
2. Symbiotic Relationships ● Antifragile SMBs cultivate symbiotic relationships with other organizations, including suppliers, partners, and even competitors. These relationships provide access to resources, knowledge, and market opportunities, enhancing collective resilience.
3. Adaptive Capacity and Innovation ● Antifragile SMBs prioritize adaptive capacity Meaning ● Adaptive capacity, in the realm of Small and Medium-sized Businesses (SMBs), signifies the ability of a firm to adjust its strategies, operations, and technologies in response to evolving market conditions or internal shifts. and continuous innovation to respond to environmental changes and maintain a competitive edge. They invest in research and development, experiment with new technologies, and foster a culture of innovation.

The organizational ecology Meaning ● Organizational Ecology for SMBs is about understanding how businesses thrive within their market 'ecosystem', adapting, and evolving for long-term success. perspective underscores the importance of environmental adaptation, strategic alliances, and innovation in building antifragile SMBs. It highlights the proactive role SMBs can play in shaping their competitive landscape.

Strategic Management and Dynamic Capabilities for Antifragility

From a strategic management Meaning ● Strategic Management, within the realm of Small and Medium-sized Businesses (SMBs), signifies a leadership-driven, disciplined approach to defining and achieving long-term competitive advantage through deliberate choices about where to compete and how to win. perspective, Antifragile SMBs possess Dynamic Capabilities ● organizational processes that enable them to sense, seize, and reconfigure resources to adapt to changing environments and create sustained competitive advantage. These capabilities are crucial for navigating uncertainty and capitalizing on volatility. Key dynamic capabilities Meaning ● Organizational agility for SMBs to thrive in changing markets by sensing, seizing, and transforming effectively. for antifragile SMBs include:

• Sensing Capabilities ● The ability to scan the environment, identify emerging trends, and anticipate potential disruptions. This involves market research, competitive intelligence, and technological foresight.
• Seizing Capabilities ● The ability to mobilize resources and capture opportunities quickly and effectively. This requires agile decision-making processes, flexible resource allocation, and a culture of entrepreneurship.
• Reconfiguring Capabilities ● The ability to transform organizational structures, processes, and resources to adapt to new challenges and opportunities. This involves organizational learning, innovation management, and strategic renewal.

The strategic management perspective emphasizes the importance of developing dynamic capabilities as the foundation for antifragility. It highlights the need for SMBs to be not just operationally efficient, but also strategically agile and adaptive.

Cross-Sectoral Influences and Multi-Cultural Business Aspects

The meaning of Antifragile SMBs is further enriched by considering cross-sectoral influences and multi-cultural business aspects. Antifragility principles are not sector-specific; they can be applied across diverse industries, from technology and manufacturing to services and non-profits. Moreover, cultural context significantly shapes how antifragility is understood and implemented.

Learning from Diverse Sectors ● Applying Antifragility Across Industries

Examining how antifragility principles are applied in different sectors can provide valuable insights for SMBs. For example:

• Technology Sector ● Agile development methodologies, DevOps practices, and microservices architectures in the tech sector exemplify antifragility through rapid iteration, modularity, and resilience to system failures.
• Financial Sector ● Risk management practices, stress testing, and portfolio diversification in finance are aimed at building resilience to market volatility and financial shocks.
• Healthcare Sector ● Redundancy in healthcare systems, surge capacity planning, and adaptive protocols for disease outbreaks demonstrate antifragility in responding to unpredictable health crises.

By studying antifragility practices in diverse sectors, SMBs can identify transferable principles and adapt them to their own industries and contexts.

Multi-Cultural Business Context ● Cultural Nuances in Antifragility

Cultural context significantly influences how antifragility is perceived and implemented. For instance:

1. Collectivist Cultures ● In collectivist cultures, antifragility might be emphasized through strong community networks, collaborative partnerships, and shared risk mitigation strategies.
2. Individualistic Cultures ● In individualistic cultures, antifragility might be pursued through individual entrepreneurship, competitive innovation, and self-reliance.
3. High-Context Cultures ● In high-context cultures, implicit communication, long-term relationships, and trust-based networks might be crucial for building antifragility.

Understanding cultural nuances is essential for SMBs operating in global markets or diverse domestic contexts. Antifragility strategies need to be culturally sensitive and adapted to local norms and values.

In-Depth Business Analysis ● Focusing on Long-Term Business Consequences for SMBs

For SMBs, the long-term business consequences of embracing antifragility are profound. It’s not just about surviving crises; it’s about building a business that is inherently more robust, innovative, and sustainable in the long run. In-depth business analysis reveals several key long-term outcomes:

Enhanced Long-Term Survival and Sustainability

Antifragile SMBs are significantly more likely to survive and thrive over the long term. Their ability to adapt to change, learn from adversity, and capitalize on volatility creates a sustainable competitive advantage. Research suggests that companies that proactively manage risk and build resilience outperform their less adaptable counterparts over extended periods.

Data Point ● A study by McKinsey found that companies that actively managed risk and resilience during the 2008 financial crisis experienced significantly faster revenue and profit growth in the subsequent recovery period compared to companies that focused solely on cost-cutting.

Increased Innovation and Adaptability

Antifragility fosters a culture of innovation Meaning ● A pragmatic, systematic capability to implement impactful changes, enhancing SMB value within resource constraints. and adaptability. By embracing experimentation, learning from failures, and continuously seeking improvement, antifragile SMBs become more innovative and responsive to market changes. This leads to a continuous cycle of adaptation and growth.

Research Insight ● Studies on organizational learning demonstrate that companies that embrace failure as a learning opportunity and foster a culture of experimentation are more innovative and adaptable in the long run.

Stronger Brand Reputation and Customer Loyalty

Antifragile SMBs often build stronger brand reputations and customer loyalty. Their ability to consistently deliver value, even in the face of disruptions, builds trust and confidence among customers. Customers are increasingly drawn to businesses that demonstrate resilience and reliability.

Customer Trend ● Consumer surveys indicate a growing preference for brands that are perceived as ethical, sustainable, and resilient, particularly in the wake of global disruptions like pandemics and economic crises.

Improved Employee Engagement and Talent Retention

Antifragile SMBs tend to have higher employee engagement Meaning ● Employee Engagement in SMBs is the strategic commitment of employees' energies towards business goals, fostering growth and competitive advantage. and talent retention rates. Employees are attracted to organizations that are dynamic, adaptable, and provide opportunities for growth and learning. A culture of resilience and innovation fosters a more engaging and rewarding work environment.

HR Statistic ● Gallup research consistently shows that companies with high employee engagement outperform their peers in terms of profitability, productivity, and customer satisfaction.

Advanced understanding of Antifragile SMBs reveals a profound shift from reactive resilience to proactive evolution, emphasizing complex systems thinking, organizational ecology, strategic dynamism, and the long-term competitive advantages derived from embracing volatility and uncertainty.

In conclusion, the advanced meaning of Antifragile SMBs is multifaceted and deeply rooted in established business theories and empirical research. It moves beyond simple definitions of resilience to encompass a holistic organizational philosophy that embraces complexity, leverages dynamic capabilities, and actively seeks to benefit from disorder. For SMBs aiming for long-term success in an increasingly volatile and uncertain world, cultivating antifragility is not just a strategic advantage, it is a fundamental imperative for sustained growth and prosperity.

To further illustrate the advanced depth, consider the following table that summarizes the key advanced perspectives on Antifragile SMBs: