Good execution in your business is the name of the game in times of uncertainty. That means business owners building operational resilience in their companies. This episode covers three areas that business leaders and owners can create operational resilience companies and organizations.
Read the transcript here.
Today we covered three areas how a business leader can put resiliency into their businesses:
- Have a resilient attitude.
- Create Adaptable business process and work-force.
- Integrate agility into your strategy to prepare for unexpected setbacks…and opportunities.
The business leaders’ attitude both success and setbacks is reflected by the team and employees. Having a good attitude goes a long ways. Some elements of a resilience attitude include:
- Identity – culture, what you do, who you are as a business. You can’t be all to everyone. Focus on what you do.
- Faith in the future that things will be better. Whether it’s a good company vision, faith God or a higher power, the business leader needs to have confidence that what is not seen today, will take place in the future. Blind optimism not going to cut it these days.
- Trusting your network: employees and support team. Trusting means actually doing what they say to do in areas outside your experience.
- When something goes side-ways, ask yourself: What does this make possible?
Create Adaptable business process and work-force
- Use existing talent: Train or up-skill your employees for new opportunities.
- Business process flexibility in changing circumstances. Use techniques like modular software and equipment.
- Part of being adaptable is innovating. You can get new ideas to improve your business from customers, suppliers, and employees. They see things from a different perspective and could be very helpful in be innovated and adaptable. This does take some time to be in close contact with them, but often worth it.
Integrating agility into your strategy and reserves is a good way to prepare for unexpected setbacks…and opportunities.
- Having Extra cash in the bank, for good or bad.
- Slack Time for yourself and your company. That is, not running a too lean of business. Yes, there is some higher costs, but agility doesn’t come free.
- Develop cross-trained employees or training new generation of managers from the rank & file.
- For example, new products carry more risk and opportunities. Many companies like to put their best people on this products. But that could impact existing products. You can do this if you have people crossed-trained or prepared to handle the existing products or services.
SCORE’s Small Business Resilience Hub
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