Being resilient is all about being able to withstand hard times and quickly recover from challenging conditions. The Covid pandemic is the perfect example of a complete curveball that only the most resilient and agile businesses were able to survive.
But what can you do to help your business prepare for potential pinch-points in the future? We explore some effective ways to bolster a business for long-term success so that it thrives and survives.
Use market research to adapt and evolve
Staying ahead of the crowd can help your business be more resilient. By conducting regular research around your industry and analysing customer habits and trends, you have more time to prepare for change without falling behind.
Don’t wait for trends and changes in your market to hit before you react either. Being proactive in future-proofing your business makes it easier to take advantage of market conditions once things do start to move!
If this research means changes to your overall strategy, take the time to update your business plan, too. A business plan is an essential document, providing a structured roadmap for you to follow towards your key goals and objectives.
Keep a close eye on your competitors
As well as closely analysing your own business and staying up to date with your market and customer base at all times, it’s also crucial not to take your eyes off your competitors. What your competitors are doing is a great yardstick for what you should and shouldn’t be doing yourself.
If one of your competitors starts performing less well or if their business folds completely, this will give you a good indication of what strategies or products to steer clear of, for instance.
If you notice a competitor experiencing accelerated growth, take a closer look at the changes they’ve made recently and figure out if there’s anything you could be implementing yourself.
Remember, what makes you truly successful is your niche and your USP, so use what your competitors are doing as inspiration for your own development.
Take a strategic approach to recruitment
As the saying goes, strength comes in numbers, and this is certainly true when it comes to building a resilient business.
You can’t do everything on your own, but if you do need extra support, have a think about whether this is a longer-term need. You might feel that you’re actually better suited outsourcing work to freelancers or agencies.
If you do recruit, then looking after your staff helps keep the business on a more even keel. Retain these amazing people by offering an appealing employee experience and an attractive employment package.
On the topic of nurturing a knowledgeable, proactive workforce you can trust to carry your business forward, a succession plan is a significant part of making your business more resilient.
This is a smart part of the business ownership process where you identify key members of staff who you’d like to see take on senior, leadership and other business-critical roles as they open up over time.
Attend local business events
Knowledge and education are essential for resilience because, without these, you can’t strategise with any kind of substance.
Attend regular networking events, seminars, lectures, workshops, etc., as these will ensure you’re always learning and meeting new people, both of which will benefit your business. Online resources mean you can even attend events and connect with people all around the world.
As well as tapping into digital resources, make time in your hectic schedule to attend local business events in-person too. Doing so will connect you with other business owners and entrepreneurs who will be facing the same challenges and navigating the same economic landscape as you.
If you’re wondering where to find events like these, check out places like LinkedIn and Twitter, as well as event listings on local websites.
Work with an experienced accountant
To achieve true resilience for your business, you’ll need to ensure that your finances are as robust as possible too. One of the best ways you can go about this is by hiring a qualified accountant, especially if you can find an accountant who has had experience in your particular industry or sector.
An accountant will be able to offer continued guidance about where you should spend and where you save in order to keep your business moving forward in the present while preparing for the future. They will also ensure you’re in the best shape when going after funding or investment.
Solid bookkeeping habits are also key to robust finances and resilient business growth. Without thorough bookkeeping and accurate accounts, you can’t possibly make the most informed financial forecasts and projections.
Ensure every decimal point is in place and that all of your records are up to date so you and your accountant can make the best decisions for business growth whilst still protecting your cash flow.
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