Recent times have demonstrated the importance of building resilient businesses that can withstand difficult periods.
- During a crisis, the first steps taken must address the immediate challenges facing employees, customers, and the business.
- After dealing with near-term challenges (i.e. cash management), it’s essential to form broader resiliency and reinvention plans as existing industry structures are permanently altered and a new normal is shaped.
Apply these strategies to ensure long-term success beyond crisis
- Make quick decisions with enough information to support them
- Avoid waiting for perfect information or unanimous consent
- Communicate decisions quickly and clearly to all those involved in the business
- Consider needs of employees and how they may shift during a crisis
- Have managers individually check in with employees and offer to help
- Prioritize employee well-being by finding new ways to support those working from home
- Adjust working norms to make remote work simple and practical
- Understand what customers need now and in the future
- Find new ways to connect with and receive feedback from customers to better understand customer needs
- Collaborate with your teams to determine the best response
- Invest in partnerships
- Partnering with businesses will benefit both parties, creating resiliency and collective financial success during difficult times
The businesses that seize the opportunities to improve performance by listening to customers, prioritizing employees, and partnering with other businesses are the ones that will endure the crisis and future crises as well.