Historically, wealthy businesses have tended to weather economic crises better than their smaller, comparatively cash-strapped counterparts. However, businesses of all sizes should be careful exactly how they contend with the COVID-19 storm, as their strategy could have long-term implications.
Ultimately, how your business acts in a crisis can influence how it fares long afterwards. Hence, you ought to consider implementing the following tactics to develop resilience in your firm.
Re-educate yourself on your corporate mission
Business Matters cites various questions which author and motivational speaker Simon Sinek believes you should ask yourself as a business owner: “Why do you do what you do? Why did you start doing it? Why does it get you out of bed in the morning? Why do you continue to do it?”
In answering these questions, you can determine your brand’s purpose and how it is underpinned by human values and needs. In communicating your brand’s true purpose, you can show authenticity that, compared to a soulless marketing message, chimes much more easily with your customers.
Protect people over profits
In business, prioritising profits over people has often been deemed a necessary evil. However, in the twenty-first century, more and more businesses have been called out for seeming to act in their own financial interest more than those of ordinary people.
In this more people-conscious landscape, employee wellness tools like those available from https://www.lifeworks.com/uk/ certainly have a place. With a digital toolbox from a company like LifeWorks, businesses can help to keep their workers in a healthy state both financially and mentally.
Put together – and regularly test – a business continuity plan
How have different businesses reacted to the current crisis? Michael Davies, the CEO of ContinuitySA, tells the Business Continuity Institute that, of his company’s clients, “those that acted swiftly and decisively were able to get back up and running more quickly”.
Furthermore, “the more digitised an organisation, the better able it was to adapt to radically changed circumstances.” You should learn from this example by putting together a business continuity plan to be constantly improved upon and regularly tested.
Promote a resilience culture throughout your workforce
Your company isn’t simply a technical entity on a piece of paper; it’s a team of people whose experience, skills and dedication can influence your company’s growth.
Therefore, make sure your employees buy into the plans and processes you hope will instil resilience in your organisation. In other words, make sure developing that resilience is a cultural, not simply technical, change.
Loosen your company’s ties to the traditional office
If your company had never even experimented with remote working before the COVID crisis, then your team probably struggled in attempting to transition to home-based working.
While shifting a company’s entire workforce to remote working is unsustainable, you could still start allowing more of your employees to work remotely while others remain in the usual office. In this way, you can create a hybrid working model that would be relatively easy to adjust in the event of another COVID-magnitude crisis.