The last two years have been an incredibly trying time for everybody. On the business side of things, the pandemic and other factors have made it a challenge to survive. Some companies didn’t make it through to the other side now that things are getting back to normal.
Those that did had a secret formula. They had resilience built into their business model so that whatever outside factors were thrown their way could be dealt with swiftly and effectively. The businesses that survived because of their resilience had an approach that made use of both a defensive posture and a progressive one.
This means that they were able to react when things happened but also to be proactive in managing threats before they got serious. In this article, we will go over several strategies that you need to make your business survive through resilience.
Focus on employees
A strong team is the best defense against adverse factors coming at your company. When people are well trained and have solid leadership above them then this is the first line of defense.
When employees are well trained then they understand all the intricacies of the business and how each facet impacts it. When they are solely focused on their own duties then they are not equipped to pivot and make changes on the fly when presented with a challenge.
Leaders need to be the ones to right the ship and get the employees to be proactive, too. In fact this leadership is essential so that everybody knows what’s at atake and so they all pull on the same rope. Ezra digital coaching is a tool that can help leaders get the instruments they need to be able to create teams that are more resilient to challenges.
When leaders are also well trained then they will have the discipline as well as the vision to see things through.
Risk assessment
Every so often every company should do a self-audit to identify areas of weakness as well as potential threats that could happen. This allows a company to assess risks effectively and understand what areas of the company need to be shored up to be able to fend them off.
Companies that do this regularly are the ones that came through the pandemic with the least damage because they had already fixed a lot of potential vulnerabilities before the pandemic hit. Some vulnerabilities could be too much capital tied up in things like machinery which would be difficult to transfer to another area when needed. Or, you’re using just-in-time shipping that can easily be disrupted during a crisis.
It also helps to create a system in which threats that arise unforeseen are able to be recognized quickly. When something unpredictable happens, these audits will give the company the ability to understand right away what the impact will be. Then, they can adjust their strategy based on those factors.
Employee retention
High turnover during times of crisis only exacerbates the problem. It is imperative to hold onto the employees and management that you already have. They understand the job inside and out. The more time and resources spent recruiting and onboarding new hires are less that are available to offset threats.
A company that focuses on employee retention strategies is set up to handle a rapidly changing business and economic landscape.
To make sure that employees stay it is important to support them and not overwork them. Even though there may be an all-hands-on-deck type of moment, it can’t last too long. Instead, make sure to give employees plenty of leeway over how many hours they work and how they work them. Letting them work from home is a good start.
It goes without saying that employees should also be compensated for their time so make sure to evaluate salaries and accommodate those that feel underpaid.
Investments
It is going to take some financial investment to set the company up to resist the threats that it’s facing. The first place to direct the investment is in the employees so they are able to work well within a new framework and for retention. There will be a high ROI with this type of investment meant to ward off whatever troubles come.
Innovations are also a good target to focus on since they can position the company well going forward. The old way of doing things will likely not work so investing in areas where there is new technology or other systems is money well spent.
Conclusion
Disruption has become the new normal. It is highly likely that we will be encountering problems more frequently. Besides the pandemic, there is also a looming climate crisis that could spell trouble for a lot of the world’s economies. The more resilient the company, the more likely it is to succeed.
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