In the past couple of years have taught businesses anything, they’ve taught us that it is so important to be resilient. We really do not know what is around the corner and if we are not able, as companies, to handle those curveballs that we are thrown from time to time, it is unlikely that we will ever be as successful as we would like.
So, as we head into 2022, let’s take some time to focus on building a business that is more resilient to challenges and changes than ever before, starting with the following:
Conduct an analysis of all potential disasters
It is hard to be resilient against disasters if you do not know what form those disasters are likely to take, so before you do anything else, sit down and really think about the kind of issues you may face. From cyber hacks to non-paying clients there are so many issues that come out of nowhere and put your business on the back foot, but if you have already thought about them and put an action plan in place to deal with then it will be a while lot easier for you to manage any crisis that comes your way.
Study the competition
A really good way to work out how to deal with various business disasters is to study how other companies have handled them. Obviously, with something like coronavirus that was unprecedented, this would have been difficult, but chances are you can find examples of competitors who have dealt with cyber hacks, data leaks and cash flow issues. If you can see what they did then you can take a leaf out of their book while also looking at what you can do to improve upon the kinds of actions they took to come up with a winning strategy of your own.
Invest in the best tech
It’s 2022 and the future has well and truly arrived, so if you want to build a more resilient company, something that you absolutely must do is invest in the best technologies available to your company. A good IT support team will be able to identify any areas of weakness in your system at present, so you can strengthen your cybersecurity and avoid all kinds of calamities from data hacks to IT outages. They will also help you to identify the technologies that can do much of the heavy lifting in your business for you, whether it is tech to automate invoices, perform basic customer service tasks or simplify your bookkeeping system.
Focus on the customer
A really good way to make your business more resilient is to focus on providing excellent customer service. When things go wrong, the last thing you want to happen is for your customers to abandon you, because after all, without them you would not have much of a business to speak of at all.
If, while things are good, you take the time to build strong relationships with your customers, go above and beyond what they expect on you and reward them generously for remaining loyal to your company then, when the disaster strikes, they are more likely to have lots of goodwill for your company, which means they are much more likely to give you time to fix the problem without bearing a grudge. New customers are a lot harder and more expensive to find than simply keeping existing ones on board, so be sure to bear this in mind when coming up with your new resilience strategy. Fail to do so at your peril.
Hire the best people
It should almost go without saying that hiring the best people you can find is a good way to improve the resilience of your business. If you hire the most qualified, skilful people, then they will have a better idea of what to do if and when things go wrong, and if you hire the people who are the most optimistic and enthusiastic to be working for you, then they are more likely to want to stick around and help you through your issues.
That is why you should also make a real effort to treat your employees well once you have recruited them.
Look to the future
As a business owner, especially one who wants to build a more resilient company, you should always have at least one eye on the future of your niche. If you do not have a good idea of what is coming and how your industry is likely to change in the next few years then you will not be able to keep up with the competition, nor the demands of your customers and it is very likely that you will get left behind.
Focus on sustainability
Sustainability is no longer a buzzword. In 2022, sustainability should be at the forefront of everything you do as a business. Using sustainable business practices, such as installing solar power-operated equipment or sourcing ethically produced materials, will not only help to keep your company afloat should various disasters like power cuts or soaring energy prices threaten your viability, but they will also help you to appeal to more customers who are increasingly looking to spend their money with ethical brands who care about the environment as well as their own bottom line.
As you can see, there are lots of simple things you can do to build a more resilient business in 2022, and as the coronavirus pandemic showed us all, it is really important that you do so. Building a business that is able to positively react to whatever is thrown at it, good or bad, means that your company is less likely to get into difficulties, your customers are less likely to be disappointed, and ultimately, you are more likely to still be in business in five years time.
All of the above ideas will help you to build a more resilient company, but the world of business is always changing, so do not think that, once you have implemented them, you can rest on your laurels; you must always be looking for ways to be more resilient as the world changes.
