Resilience is the capacity of a company to recover from setbacks and difficulties quickly. In a rapidly changing and competitive market, small businesses must create strategic plans, practices, and people around them to minimize setbacks, aid recovery, and bounce back swiftly while in a scenario.
Small businesses can create this field of protection around their company by keeping the focus on and making sure of a few simple steps. Here are the five best ways t boost your resilience as a company.
- Be Open To Change
Market trends, digitalization, and technological innovation are all advancing quickly. In addition, there has been a significant change in consumer behaviour and expectations. The competition in the market is growing due to these changes. Small firms must be open to change and adaptable to survive this wave of change and continue to expand or improve growth.
Digital technology has a significant influence on current market developments. Customers search for brands online and expect them to have both an online store and a physical location and be easily accessible all day for questions and responses. Incorporating technology also makes the routine work of finance, customer management, marketing plans, and other areas more accessible. As a result, small businesses can maintain operational resilience by paying attention to market developments and judicious responses to changes.
- Taking Challenges as Opportunities
Challenges are part and parcel of any job. However, small businesses can develop a resilient spirit around adversities by viewing them as a chance to progress rather than as problems and issues. Most of the time, difficulties are more like a negative perspective of an event than actual challenges. Therefore, small business owners need to have a mindset that views every day as a new beginning and create an environment where their team is encouraged to adopt a positive attitude.
Taking challenges as an adverse scenario reduces your critical thinking and muddles your ability to think straight. This complicates the situation. While looking at challenges as opportunities gives the strength to face the situation and make judicious decisions to overcome it. In addition, it will only help optimize the business operations through the newly learnt solution or strategy.
- Building Strong Network
Building a broad and deep network enables companies to overcome obstacles without difficulty. This strategic partnership assists you when you need it, provides you with the tools and resources to deal with the situation, and gives you guidance on how to proceed. Talking with your industry peers will also keep you informed about new technical developments, market trends, and other changes that are taking place in and around your area. It will also provide you insights into what is beneficial to your firm and how.
Businesses always benefit from having mutually beneficial relationships, especially during times of crisis. They will be able to understand you better and assist you more effectively than anybody else because they work in the same or related industry. This networking must provide a two-way connection where you ensure being there for them when they need assistance. Therefore, the extent of your networking has a significant influence on creating a strong business.
- A Loyal and Committed Workforce
The company is primarily made up of its workforce. They are the people who contribute their effort and hardwork for the growth and success of the business. They have the institutional structural knowledge needed to develop and implement resilient practices and solutions within the organization’s operations. In addition, they are the first to stand by the organization in times of crisis to improve the situation. For the team to showcase such dedication and commitment, the organization must ensure they are kept happy and satisfied in their work.
When an organization fosters a supportive environment that guarantees a work-life balance for its employees, prioritizes their physical and mental health and well-being, pays them a market-standard salary, keeps them happy with perks, and works to cultivate teamwork and understanding among employees, they will always respond with trust and loyalty. They are the first line of defence in creating a robust business.
- A Healthy and Calm Head of Institution
Small business owners and other employees spend a lot of effort and hard work on maintaining a robust organization. Beyond the organizational frameworks and procedures that help a corporation resolve problems, the humane part cannot be compromised. The options of being open to change, viewing challenges as opportunities, and building networks are possible only when the person behind them is resilient to many challenges. Hence, what keeps the company resilient is its leader. Small business owners must prioritize their time and divide it between optimal professional work and quality personal time.
They must prioritize their physical and emotional well-being, carve out relaxation time, pursue interests apart from work, and build a life outside their business operations. These healthy practices enable business owners to think critically and objectively, make informed decisions, and establish robust organizations. After all, the ship will sail well only when the captain leads well.
Building resilience is about equipping the company with self-sufficient components that will work toward its recovery. When the head of the organization can efficiently handle stressful situations, build strategic relationships, and train their team to work towards a common goal, the setbacks they face can easily be overcome. It also requires taking the situation in a way that helps us overcome it rather than get stuck with it or lead to a downfall.
The right mindset, attitude, a strong set of people, and a healthy environment will ensure an organization’s consistent growth and development. To read more about these tips on building a strong organization, subscribe to Indigenous SME Business Magazine. For the latest updates, visit our Twitter page at @IndigenousSme.