Five Ways to Build a More Resilient Business
Too many business leaders refer to the coronavirus pandemic as a "black swan" – a random catastrophe that touched almost every aspect of our personal and professional lives. However, warnings have been coming for years from experts about...
Too many business leaders refer to the coronavirus pandemic as a "black swan" – a random catastrophe that touched almost every aspect of our personal and professional lives. However, warnings have been coming for years from experts about the possibility of a pandemic and economic collapse.
Last spring, the economic shutdown showed stark differences between those businesses that made preparations for the worst and unprepared businesses. Some business owners shut their doors for good, while others survived – and perhaps even thrived – during the pandemic. For many of those businesses, this resilience was by design to weather the storm and come out stronger on the other side.
Whether you own an established company or are just getting your startup off the ground, here are five things you can do to build a more resilient business.
Seek an advantage in adversity. When disaster strikes, your first reaction is probably to mitigate risk and get back to business as soon as possible. But instead of trying to salvage what was, take this opportunity to adjust to new realities. You may have an idea that fills a unique niche or find that a period of "dormancy" is just what you needed to get ahead on that website launch or rebrand.
Stay flexible. Resilience is less about making major adjustments under extreme circumstances than having a flexible business model that leaves room for experimentation. While some situations may call for you to reevaluate your business plan, making marginal changes to your marketing, sales, or service strategies as needed will get you in the habit of adjusting to the latest market trends.
Value diversity. Resilience depends on generating innovative solutions to a problem, but to do so, you need to have a team that can see a situation from multiple perspectives. Resilient businesses prize diverse viewpoints and the creative thinking that comes with them.
Create strong client relationships. A core client base will not only be the foundation your business grows on; it will be the solid ground that gives your business stability. If you spend time creating strong relationships with your clients – whether through in-person conversations, social media engagement, or a rewards program – they will be more likely to continue supporting you during tough times.
Measure beyond performance. Profits and losses often measure a business' success, but that doesn't tell you much about your employees' resilience, partnerships, or business model. Take a closer look at factors like flexibility, communication, and collaboration to determine where the fault lines lie that don't always appear on paper.
At the Don Ryan Center for Innovation, we have years of experience helping entrepreneurs build businesses that last. When you sign up for our FREE membership program, you'll gain access to a network of industry leaders and mentors who invest in your success, as well as exclusive resources that teach you how to build a resilient business. Click here to sign up for your FREE DRCI membership today!