The Importance of Resilience in Business

BUSINESS icon Giles Cadman April 20, 2022

Running a business is difficult; it comes with its fair share of challenges and problems.

You can't prevent those problems from happening, just look at the last five years, but you can control the outcome when you are resilient.

How I Stay Resilient

I always tell people I am a deep thinker. I don't do anything until I have thought about it and considered every outcome.

Every project comes with its ups and downs, so I plan for them. When you accept that you will face challenges, they are far easier to deal with.

This is not always the case with new entrepreneurs, though. Many fall at the first hurdle because they do not know what to do.

Luckily, when my first major problem came along, I was experienced enough to know how to deal with it. As a result, my business endured where many others failed.

How to Be Resilient

To be resilient, it is important to have mental strength, a belief in what you've done, and the knowledge that there are very few problems you cannot find a way out of.

When a problem comes along, see it as an opportunity rather than a crisis. Be creative, consider all the options, and know that more money is made in a recession than in a boom.

The Pitfalls of Resilience

Being resilient is not easy. There are many pitfalls that you should steer clear of if you want to succeed.

There is a very fine line between being resilient and being stubborn. It is important that you stand strong during difficulties, but not stationary.

If you make a logical plan, but it is not working, then change your tact instead of persisting with a plan that worked perfectly on paper but does not hold up in real life.

You should fall in love with the art of planning, but don't fall in love with the plan. If you are not always adapting, you will probably lose.

Why Resilience in Business is so Important

Something always goes wrong. In the last five years, we have come out of a recession, been hit by a global pandemic, had a war, and been through supply chain issues and massive inflation.

Millions of business have gone down because they were not resilient or were just unlucky. If you are resilient, you are more likely to be able to pull your business through hard times like these.

Who Resilience in Business Benefits

There is nobody who does not benefit from a resilient business, but your employees have the most to gain.

When something goes wrong, many businesses automatically cut the headcount as their first line of defence. I believe this is the wrong move.

You should fight to make sure that your employees are protected. Letting people go should be your last resort.

A business is nothing without its employees, so logically they should be protected above everything else.

It is also important to realise that when you hire an employee you are not just taking them on. You are taking on their mortgage, their dog, their boiler, their family, and everything else.

When you understand this crucial fact, you will find other solutions that don’t involve shrinking your business, are much better choices.