Is Your Small Business Resilient Enough?

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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.
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