Starting a new business can be super exciting, however, ensuring that it becomes very successful isn’t always as smooth and straightforward. And since we are in a world today where there’s a lot of dynamism, resilience is responsible for differentiating between successful individuals and those who fail.
Things are now rapidly evolving and that means the capability to not only adapt but bounce back from problems or setbacks has now become much more important than ever. Surviving in today’s competitive world requires a lot of effort, sacrifice, and dedication to making remarkable achievements.
There’s a saying that goes, “It’s not only about avoiding the storm but taking on learning how to dance inside the rain,” which means having the capacity to go through storms and overcome them is a sign of running a resilient business. Nowadays, the modern business world is accompanied by a lot of technological advancements, unforeseen disruptions, and continuous shifts from practice thereby making resilience crucial for achieving entrepreneurial success. Any business owner who wants to be very successful needs to develop the art of resilience that can make their enterprises sustainable.
As we move forward in the article, we’ll discuss the concept of establishing a resilient business and extract valuable lessons from successful businesses that have gone through adversity.
Seeing Change as an Opportunity
In the landscape of modern businesses, there’s one thing that’s bound to happen, and it’s change. To build a resilient business, you need to accept the reality and see change as an opportunity for growing and progressing rather than resisting or fearing it. For instance, Netflix, the popular movie platform, was a digital versatile disk (DVD)-by-mail movie rental service that faced a turning point when the advent of streaming technology came on board. Rather than deciding to abide by their traditional model which was going to become outdated, they decided to embrace the change thereby becoming a streaming service and ultimately revolutionizing the entertainment industry.
Encouraging Innovation and Creativity
If you aim to build a resilient business, then it’s very important to encourage innovation and creativity constantly among teams. When you encourage an environment where employees can contribute ideas and even experiment with new methods, then it becomes so easy to uncover innovative solutions to tough situations. A good example is the 20% time policy of Google that was put in place to encourage employees to spend 20% of their work periods on projects of their own choice. Well, this time policy led to the creation of some of the most used successful applications including Google Maps and Gmail and this describes how innovation is when there’s a space for flourishing.
Investing in Technology and Digitized Transformation
Without any doubt, the digital world is on the increase, and to remain highly competitive in the landscape of business, it’s vital to invest in technology and adopt digital transformation. Businesses that are often resilient maximize technology to simplify their work procedures, improve the rate of efficiency, and develop adaptability skills for changing consumer behaviors. Taking a good look at Microsoft for example, Satya Nadella, the CEO decided to shift the focus of the company to an enhanced digital platform like cloud computing and services. This led to a revitalization of their business model and a repositioning as a thought leader in the technological space.
Learning and Adapting Continuously
The business world isn’t going to experience a stop in changes anytime soon and that’s why, you need to prioritize continuous learning and adaptation. This is why, staying up-to-date with trends ongoing in industries, emerging technologies, and shifts occurring in markets can help you proactively position your business for success. For instance, International Business Machines Corporation (IBM) was originally a hardware-focused company that evolved into a global technology and consulting firm. They were able to adapt to industry changes by conducting strategic acquisitions and focusing on emerging industries thereby enabling them to remain a significant force in the technology industry.
Prioritizing Customer Relationships
Another way to build a resilient business is through creating a strong bond between your company and customers. Prioritizing customer satisfaction, listening to feedback, and responding to changing customer demands are very important for you to position your business toward high retention of customers and adjusting to changes in the market. A case study is Amazon which prioritizes customer satisfaction, continuous innovation in services provided, and quick adaptation to market demands. Their customer-centric approach has helped them to overcome diversity and become thought leaders in both technology and eCommerce sectors.
What to Do Next?
Are you looking forward to building a resilient business? If that is the case, then you need to know that establishing a successful business requires adaptability, foresight, and total commitment to improving constantly. In a world where there’s uncertainty, embracing strategies like seeing change as an opportunity, encouraging innovation and creativity, and prioritizing customer relationships can help you overcome adversities and become more prosperous in your business goals.
