Resiliency often holds the key for what sets successful businesses apart from those that fail. Resiliency is the ability to rebound from setbacks and adapt to new circumstances. Resilient companies can withstand the twists and turns of market fluctuations, economic downturns, and unexpected events, such as the Covid-19 pandemic.
For example, during Covid-19 many businesses were forced to adapt to a new reality, including remote work and changes in consumer behavior. The companies that were able to quickly adapt and find new ways to operate and work remotely were able to survive and thrive, as opposed to those that were less flexible.
Resiliency allows businesses to stay focused on short-term goals and long-term objectives, even in the face of adversity. Rather than become discouraged, resilient companies remain positive and focused and stay motivated.
Resilient companies build stronger relationships with their customers, employees, and stakeholders. With the successful navigation of challenging times, trust and confidence is built among all these groups, which contributes to increased loyalty and support, as well as improved reputation and brand image.
Following are 4 strategies for building resiliency within your company.
1. Build a strong team – surround yourself with people who are supportive, positive, and skilled. When faced with challenges, a strong team can help you stay motivated and focused.
2. Develop a growth mindset – embrace challenges and view them as opportunities for growth and learning. This will help you stay positive and motivated, even in the face of adversity and setback. Sometimes you win and sometimes you learn!
3. Be adaptable and flexible – be willing to strategically pivot and change course when necessary. This will help your company stay relevant and competitive, especially when circumstances change.
4. Stay connected to and consistently nurture and build relationships with clients, employees, and investors/stakeholders. This will help you weather challenging times while building and maintaining resilient relationships.
During difficult times it is resiliency that will hold the key to your company’s success.
Dr. Patty Ann