You might have heard of the word resilience before. As an entrepreneur, it is an ideal trait you’d want to possess, as it becomes vital when the going gets tough. But in 2020, resiliency became more important because of the COVID-19 pandemic. Now, companies, big or small, must learn how to become resilient to stay afloat.
What is Business Resilience?
The ISO 22316:2017 standard coins organizational resilience as a company’s ability “to absorb and adapt in a changing environment to enable it to deliver its objectives and to survive and prosper.” That is amidst internal or external shocks, whether anticipated or otherwise.
To clarify, business resilience is different from business continuity. Business continuity is process-centric, while resilience is a more “holistic approach that is influenced by a unique interaction, and a combination of strategic and operational factors. Resiliency is about taking calculated steps for when—not if—a disruption hits and being adaptive and agile in the face of adversity.
How to Build Business Resilience?
Ultimately, you want to run your company, no matter the weather. Although it may seem easier said than done, it is not impossible. Here are a few ways your business could be more resilient during times of crisis:
Set up buffer systems
You know what they say: by failing to prepare, you are preparing to fail. Consistently work on your risk and crisis management strategies, with or without a difficult situation insight. This will allow you to make clearer, more concrete decisions for your business and your people when and if the worst arrives.
Prepare a wide variety of responses
Cultivate a work environment that analyzes and executes things in more ways than one. Diversity in the workplace helps ensure a pool of ideas that you could utilize when coming up with plausible solutions to any problems that may arise.
You may exercise knowledge sharing and note key pointers for development through weekly meetings and monthly town halls. People who are quick to think on their feet can share different ideas or responses that your business will need for unforeseen situations.
Compartmentalize different business elements
Eliminate the chances of crashing and burning by delegating tasks. Consider outsourcing virtual assistants for your small business to help ease some of the taxing load originally assigned to a small cluster in your company. Be sure to set specific objectives and key results (OKRs) to easily track progress and properly align work around your business goals.
Never be highly dependent on a few people to get the job done. You want to make sure that your company would do just fine if one group collapses.
Have an adaptable business structure and processes
Unforeseen changes in the business require a flexible response. Practice resilience in your corporate design and process efforts by preparing for the next big change and build multiple alternatives backed by a collection of constructive feedbacks from your current team and your previous experiences. Then, run trials and evolve from whatever learning comes out of it.
Exercise prudence in your daily operations
While it is important to focus on the now, running your business with the future in mind will work to your advantage.
If you don’t have one yet, start drafting contingency plans against any possible business risks and consequences. Feel free to run stress tests to monitor any warning signs and system vulnerabilities you may encounter in your everyday ops.
Measure beyond performance
Numbers in reports don’t lie, but they’re not the only factors you need to consider when looking into your company’s growth. Think flexibility, adaptation, and other components of resilience. Assess your operations not just when everything is going according to plan but also when unexpected breaches occur.
Review your checklist and see if you have these fundamentals set in place. You want to lead a sustainable business, and these traits will help turn yours into one.
Embed change in your business culture
More than just mitigating risks with little to no damage, resiliency in business is about adapting and applying these adjustments to future practice. As Eleanor Murray shared, it is not just “trying to bounce back to where you were,” as it is more of a constant learning journey. Continue to grow your enterprise and support your systems and processes. But always keep change in mind.
Become Ready and Resilient
Resiliency does not happen overnight. As a small business owner, you want to make sure you are backed with plans and people who will walk you through any adversities that may come your way.
Consider teaming up with a virtual assistant company, one that is established and versatile, so you don’t have to worry about starting from scratch when an unexpected predicament happens. Let us champion your business forward.
