Resilience refers to a company’s ability to absorb shocks and stress while ensuring continuous functionality and growth in different circumstances. Today, the business environment is inconsistent and dynamic because of the increasing dependence on technology and the global economy. That’s why companies have to focus more on being resilient to endure any change. At present, everyone is aware of the challenges that the coronavirus crisis has imposed. Apart from health and travel, it has paved the way for economic disruptions by affecting supply chains worldwide. Adding to this, climate change and social tensions are other factors that can also create havoc in the system if people don’t prepare themselves against these.
If you don’t want to succumb to crises and turn them into an opportunity for your business, you need to take adequate action on time. Here is a brief overview of the same.
Take advantage of the crisis
Eric Dalius says you should not only try to lower risk or damage. Restoration is critical, but you have to accept the new circumstance and create opportunities for your company to move ahead.
Expand your vision
Operational and tactical changes can be useful for the short-term. However, you have to look into the needs of your customers to tap into the current opportunities. You can use this as a chance to transform your business.
Overhaul the system
According to EJ Dalius, you can focus on maximizing your business model’s performance in a normal situation. But when it comes to building resilience, you have to analyze the relationships of the different business components in the context of stress. While doing this, you have to think about your customers, employees, and other stakeholders.
You cannot say your business is healthy just because it is doing well right now. It has to be flexible, adaptable, and sustainable. If you know its strength initially, you will not have to worry about anything even during a crisis.
Eric J Dalius remarks that cognitive diversity can help your company react to a particular situation with a fresh approach.
See change as the only constant
Adjusting to extreme events from time to time doesn’t indicate resilience. Your business and processes have to evolve with continuous experimentation and innovativeness. You cannot benefit from rigidity or a one-time massive adjustment. It has to happen incrementally to avoid significant risks.
Your business awareness and management skills can come in handy in this matter. You don’t have to look at resilience to control risk factors. Your focus has to be on turning it into an opportunity to gain competitive mileage. The more transient and high-performing you are, the more sustainable and resilient you become. You will have a greater appetite to absorb shocks and achieve through your agility. You can face any situation with confidence and sail through it by springing into action at the right time since you have a fair assessment of risks from the beginning. Overall, you can expect your business to recover faster regardless of the external factors.