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). 

To learn more about resilience and your business, read the full article here.