Amid the COVID-19 pandemic, businesses have faced many challenges, from moving their employees to a remote environment to some companies even having to shut down or lay off several employees. With these obstacles, many organizations have also suffered in one key area: business resilience.
Today, only 32% of CEOs say they are less confident about their prospects for global economic growth over the next three years. Evidently, most CEOs are more confident when they have more control and levels of influence toward their company’s growth – not necessarily when they are competing against other businesses.
If you are unsure how to stay competitive in today’s ever-changing climate, continue reading for tips on building business resilience and remaining competitive amid the pandemic.
What is Business Resilience?
Also known as continuity planning, business resilience is often defined as an organization’s ability to bounce back and quickly recover from difficult situations. Another way to explain this term is a business’ ability to adapt to new or difficult situations. These situations include national emergencies, natural disasters, recessions, and more.
Why is Building Business Resilience Important?
If a company is not good at building business resilience, things can go awry fairly quickly. If hit with an obstacle, for example, a business can struggle in overcoming that challenge if they are not resilient. Resiliency can help your business grow and adapt to any obstacle that comes your way.
COVID-19 is a prime example of an obstacle that requires resiliency. The global pandemic has forced businesses to shut down, lay off staff, and move to a remote workforce. It has also prompted supply shortages, drops in consumer spending, budget cuts, and more. Without resiliency, businesses would not have been able to adapt to the new normal.
When brainstorming ways to have a competitive business in today’s workplace, it is important to consider the importance of resilience in these key areas:
- Purchasing process (online or in-person)
How to Stay Competitive and Build Resilience
Most times, organizations will not be prepared to deal with emergencies and unexpected changes – but this is no reason to panic. There are many ways your company can work on building business resilience.
1. Have an alternative business continuity plan.
As with anything in life, it can be helpful to have a Plan B in case Plan A does not work out. It can be even more helpful to have a Plan C, D, and E. A business continuity plan – or multiple plans – can be a huge aid in helping you continue running your business smoothly, despite any unexpected challenges.
If you wonder what your business continuity plan should include, here are a few places to start.
- Risks (i.e., natural disasters, fraud, national emergencies)
- What do these risks mean for your business?
- What steps will you take if faced with these risks?
- What safeguards do you have in place to limit the damage of these risks?
In your business continuity plan, be sure to cover your business’ response before, during, and after the situation. Overall, your main focus should be how to continue running your business.
2. Use creative solutions to stay competitive.
Thinking outside of the box can be another great way to improve your resilience. In fact, creativity and innovation is an especially effective strategy when it comes to adapting your business.
During the pandemic, many companies have used this method to stay competitive by offering in-demand products and services outside of their industry, such as online classes, delivery services, care packages, and more.
3. Hire resilient employees.
For your business to be resilient, your employees should be resilient too. If your team has the power to bounce back from any obstacle, they will lead your business in the right direction.
When adding new members to your team, be sure to ask all of the right questions throughout the interview and hiring processes. Finding out how a candidate has responded to changes in a previous position can give you a better idea of how equipped they will handle difficult situations that may arise.
Stay Competitive During the Pandemic
At Infinity Consulting Solutions (ICS), we know how important it is to stay up-to-date on the latest trends and changes in the workplace. We also know how challenging it can be to navigate those changes, especially during a global pandemic.
To learn more about how your business can build resilience and remain competitive, check out our ICS blog or contact us with any of your most pressing questions. Our team of experts is ready to help you get back on track with your hiring goals.