Five ways in which you can build your Business Resilience
- Taking action and moving forward
A crisis like the one we’re currently experiencing requires quick thinking in the face of uncertainty. However as an entrepreneur you may find yourself dealing with “analysis paralysis,”- inability to make a decision due to overthinking.
Delaying decisions will only lead to more problems—and those problems will require more decisions. “In the military, it doesn’t matter in which direction you choose to move when under a mortar attack, just so long as you move. Decisions are never final for the simple fact that change is never absolute.” Jeff Boss
Some actions that are resilient in nature include;
- Diversify: Having multiple approaches to doing Business can be less efficient but hardy in crisis situations.
- Evolvability: Constant improvement in the light of new opportunities, problems, or information. Align your business systems and processes to accommodate adjustments during this period. g online selling (e-commerce, virtual marketing, use of social media platforms etc.), virtual offices
- Embeddedness: Businesses are stakeholders in the wider systems-economically and socially. Support to all stakeholders in a time of adversity can potentially create lasting goodwill and trust.
What to do: Break down what you need to do into smaller steps and then attend to issues based on their level of urgency. “How do you eat an elephant? One bite at a time”
- Dealing with information overload
While having access to the latest news is undoubtedly a blessing, it can also be a burden. Information overload is a very real thing that occurs when there is too much relevant information being disseminated at the same time.
When there’s an information surplus, we tend to miss out on important news or even succumb to potentially harmful misinformation. In fact, research shows that false news travels faster than true stories on social media.
What to do; In order to make sense of all the conflicting information out there, evaluate whether the information you are reading is fact-checked and from a reliable source. It’s also good to set a limit for yourself. Continuously exposing yourself to upsetting news will only heighten anxiety.
- Selecting the right focus
As a Business owner it can be difficult to know where to prioritize time and resources. One way to choose is to consider what is truly important to your business. For most of us, that’s people—employees, customers, vendors, partners.
What to do; Your first priority should be the safety and well-being of your employees. Up next would be communicating with customers. They may not be in a position to patronize your business, but they still want to be updated on any changes to its operations. The same goes for other stakeholders so they know what your status is and what to expect moving forward. Other areas of focus include; Cash flow and Insurance, Business Continuity, tax and audit.
4. Keeping your eyes on other risks
COVID-19 isn’t the only threat on the horizon — and often you are most vulnerable when dealing with a crisis that dominates your attention. The many other risks that your business faces aren’t diminished by an epidemic. Cybersecurity, for example, should always be top of mind. Others include; Financial risks, Reputation risk, Operational risks, competition risks etc
- Finding balance and achieving a healthy mindset
We’re all experiencing a lot of intense emotions during these ever-evolving times, and as an entrepreneur/Business owner you have an additional level of stress as you try to do what is best for you employees and customers.
Remember “you can’t pour from an empty cup.” Overextending yourself leads to burnout, and once you reach that state you won’t be able to help anyone. That’s why it’s imperative that you carve out time to recharge and take care of yourself.
What to do; Be intentional by setting a block of time in your schedule for self-care—whether that be going for a walk, spending time with your family, or enjoying a long’ hot bath’. The more you’re able to find inner calm during this crisis, the better able you are to make decisions and lead your business.
Conclusion
The scale of this crisis is unprecedented, but there is a silver lining. Eventually, you will come out on the other side of this pandemic with a greater sense of personal empowerment, growth and increased connection to your community (customers, employees, stakeholders)—all of which will be advantages for your businesses now and in the future.
Psalm 46
1 God is our refuge and strength,
an ever-present help in trouble.
2 Therefore we will not fear, though the earth gives way
and the mountains fall into the heart of the sea,
https://drive.google.com/file/d/1wNCkMZ8KxqRYiVJVnzI3fQdEUUsqxYto/view?usp=drivesdk[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_single_image image=”998″ label=””][vc_column_text]Mary Kamore is the Lead Consultant Molives Mentors[/vc_column_text][/vc_column][/vc_row]