Resilience in business: Using the lessons of COVID-19 to adapt and overcome
Business isn’t easy. In fact, it’s extremely difficult. Add a worldwide pandemic to the mix, and it’s a whole other story. While COVID-19 has caused us all a significant amount of pain - both financially and emotionally, what it has taught us is that our ability to overcome adversity is what counts.
As a business owner, you have likely seen your fair share of failures and difficulties. But have you thought about how you can use your struggles to overcome, grow, and build your business? While COVID-19 restrictions are easing, and there is a glimmer of light at the end of the tunnel, it’s time to pivot out of survival mode and look to the future of your business.
The reality is, if you aren’t using what you’ve learned over these difficult past months to expand and grow your business in new ways, you will be left behind. Building resilience will be paramount to your success over the next 12 months and beyond, so read on to find out more.
Adopt a resilience mindset
We don’t develop resilience when things are easy, but when we are forced to overcome hardships or difficult circumstances. While it’s natural to focus on personal resilience, you need to look at the resilience of your business, too. COVID-19 has forced all businesses to change and adapt at lightning pace. It’s evident that most of us are still trying to work out the how, what, and why of what to do next, but it’s important to head into the next phase with an emphasis on how we can use what we have learnt to grow.
Although it’s easy to focus on “what went wrong”, or the sudden economic impact of COVID-19, it’s important to consider some great questions which have arisen from this adversity: How can we turn challenge into opportunity? What did we learn? And, How can this make our business stronger?
Research points to the fact that resilience is developed by behaviours, attitudes, and social supports which can be cultivated by anyone (1). As a leader, you have the opportunity now to create a resilient culture within your team and stakeholders. Even though you may not have all the answers, building trust and transparency into your business is paramount for your success, both now and in the future. Resilient businesses aren't those that never fail, but rather those that learn and thrive as a result of failure. By changing the significance of failure within your team, you can help to mold your culture into one that looks for the opportunity in a failure or shortcoming, and sets their focus on the outcome and way forward.
Create a resilience plan for your business
COVID-19 is a stark reminder that we need to protect our staff, assets, and equity when disaster strikes. Businesses operate in an environment of continuous change. By planning for threats, you can maintain the processes and procedures that help you to continue, even when circumstances are difficult (2). But global pandemics aren’t the only thing you should be planning for. Disruptions and threats to your work (and ability to serve customers) can include a loss of staff, loss of your premises, loss of a key supplier, cyber attacks, unplanned IT or internet outages, and security incidents.
Resilience planning will help you and your staff cope with unexpected business interruptions, and it can also help you to determine what processes and procedures are most important. COVID-19 has forced many businesses to focus on customers and their unique needs during the crisis. Considering 59% of consumers feel companies have lost their touch with the human element of customer experience (5), this focus has been welcomed with open arms. Resilience planning will help you to identify the essential functions of your business, and prioritise what needs to be performed in times of distress (3). Your mission-critical and time sensitive operations are most important, so think about what systems you must put in place to maintain them during a crisis or time of hardship (3).
Resilience planning will help you to identify the essential functions of your business, and prioritise what needs to be performed in times of distress
Restructure your business to meet new demands
The behaviours of staff, leaders, and consumers have changed as a result of COVID-19. The rapid changes brought about by these shifts have led us to expand our thinking beyond what we “know” or what we already provide as a service or product, and into new landscapes. We now have the opportunity to create new products and services, and embrace new ways to deliver them to customers.Digital commerce is a shining example of this, with many businesses making the pivot to selling online. While these adaptations occurred in response to trading restrictions, there’s no going back for businesses who can now see the importance of eCommerce in reaching wider audiences.
It’s time to think about how you can use what you have learned over the past few months to innovate. The reality is, things will likely never return to “normal”. Consumer behaviour has changed. How people interact with brands and companies has changed. And the way in which we deliver products and services has changed. Innovation forecasting can help you continue to provide products and services to your existing clientele, while expanding your offerings to reach broader audiences as well. You can utilise existing resources, systems, and intellectual property to grow your business, without significantly impacting your bottom line.
The reality is, things will likely never return to “normal”
Use technology to help you move forward
More than anything in recent months, technology has informed our responses to this crisis, and given us the tools to persevere - from working and collaborating with our teams remotely, to selling our products and services online. The learning curve has been steep, and many businesses are navigating new technologies, in real time. The need for innovation won’t stop as we move into the next phase of the COVID-19 response. The need to further develop business systems, processes, and infrastructure will be an ongoing project. And now, there is an opportunity for us to build more tech-enabled businesses - driven by data and using cloud-based services such as GSuite, and automating operations.
Just as businesses have embraced technology, so have consumers - from using it for their weekly shop, to ordering takeaway, and researching and purchasing from a wider range of companies than ever before. Digitising your business will place you at an immediate advantage. You can reach new markets and provide your services in alternative ways, and technology can help you to achieve this.
How can you learn from current events to help you adapt and grow stronger in business? The team at GippsTech want to help you succeed. Whether it’s building you a new website, setting up an eCommerce platform, helping you innovate, or improving your digital marketing strategy, we can work with you. Over the past few months we have helped many businesses adapt to changing markets - from building an online store for a cafe, to delivering an innovation consulting package, to setting up telehealth for a local doctor surgery, and providing resources and information to help our clients embrace technology and improve upon their systems and processes.
Book a free 30 minute consultation to learn more about how we can help you.
References:
Rich Fernandez, June 27, 2016, “5 ways to boost your resilience at work”, Harvard Business Review, https://hbr.org/2016/06/627-building-resilience-ic-5-ways-to-build-your-personal-resilience-at-work
“What is resilience and the relation to business continuity”, Onsolve, https://www.onsolve.com/blog/what-is-resilience-business-continuity-principles/?utm_source=google&utm_medium=organic
Maureen K. Roskoski and Stephen Clawson, February 2017, “The 5 things you need to know about business resilience planning”, FM Link, https://fmlink.com/articles/five-things-need-know-business-resilience-planning/
May 14, 2020, “Outmaneuver uncertainty: Navigating the human and business impact of Covid-19”, Accenture, https://www.accenture.com/fi-en/about/company/coronavirus-business-economic-impact
Olaf Acker, April 20, 2020, “Redefining customer experience: Connecting in the time of COVID-19”, Strategy & Business, https://www.strategy-business.com/blog/Redefining-customer-experience-Connecting-in-the-time-of-COVID-19?gko=245c0