Is your business resilient? Do you have strong systems and processes in place to take you through the tough times as well as the good? Is there a clear understanding and management of risk? And have you engaged the right people with the skills they need to take you through this next period?
The Oxford dictionary defines resilient as ‘able to withstand or recover quickly from difficult conditions’ or ‘able to recoil or spring back into shape after bending, stretching, or being compressed’. The first definition is meant to apply to a person or animal, whilst the second to a substance or object. I think it could equally apply to a business or a company.
There is a lot of talk recently in the media that a recession is coming. Yet recessions are nothing new. We have plenty of examples of previous recessions in Australia and globally, and the business that has anticipated the worst as well as the best, will be a step ahead.
BE RESILIENT THROUGH UNCERTAINTY
There is always uncertainty in business and being able to respond to market changes is one of the hallmarks of a resilient organisation. Think of Real Estate agencies. They don’t stop selling property in a downturn, they just bend, stretch and compress in response to the market changes. Look closely you’ll see some faces may come and go, but some remain through the tough and the good times, because they are the ones who deliver excellence every time.
Fear of a recession is not the time to shrink from excellence, rather it will help your company be resilient through whatever the future brings. Understand your core business, implement good planning processes which engage your teams, and upskill your workforce to solve the problems that may arise. Build excellence and you’ll build resilience.