Is Your Small Business Resilient Enough?

small business resilience

The ability to quickly adapt, recover and reinvigorate in business is a constant requirement

 

“I have missed more than 9,000 shots in my career. I have lost almost 300 games. On 26 occasions I have been entrusted to take the game-winning shot ... and I missed. I have failed over and over and over again in my life. And that’s precisely why I succeed,” said basketball great Michael Jordan.

In a world defined by rapid change and volatility, resilience has taken on a whole new meaning. It is no longer simply a case of being able to fend off the occasional knock here and there–the ability to quickly adapt, recover and return reinvigorated is a constant requirement.

Consequently, resilience is now a critical part of any business strategy. Being flexible and ready to act should be the cornerstone of your business thinking. It is into this unpredictable world that we now enter, and resilience needs to be one of our closest companions.

 

Resilience: What it Means and Why it Matters

Resilience requires companies to evaluate their capabilities and address any weaknesses. The business world is unfortunately full of examples of once-successful firms that have hit hard times. Why is it that some companies are able to weather change while others struggle? Blundering on regardless, companies often ignored the signs that things weren’t right.

Given the difficult time of the current recession, companies and shareholders are increasingly looking to dependable, stable investments. This is not a climate where any company can afford to take its eye off the ball. Businesses must constantly review internal capabilities and scan the business landscape to identify opportunities and threats.

Drifting along, comfortable with the status quo, is not an option, as inertia is often a precursor to decline. Companies must be proactive, dynamic, alert and flexible. Ideally, they must even be ready to completely change their business models before the need to change is forced upon them.
 

Next- What building resilience requires

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About the author

Luis Gallardo

Luis Gallardo is a global brand and marketing leader and expert in the areas of strategic brand management, brand engagement, brand expression, marketing, communications, business development, and reputation management. Former managing director of global brand & marketing at Deloitte, Luis provided leadership to Deloitte's member firm network of more than three thousand marketing and communications professionals. Author of the book: Brands & Rousers, The Holistic System to Foster High-Performing Businesses, Brands and Careers. Luis is the founder of Thap Group, a multinational consultancy focused on brand, marketing and communications strategy, and he sits on the advisory board of several high-growth organizations.