Developing Business Resilience: 4 Keys To Success In Uncertain Times
Although we are approaching the proverbial “light at the end of the tunnel” of the Covid-19 pandemic, the global economy is still months, if not years, away from being restored to the state it was in early 2020. Most businesses the world over have been forced to adjust to significantly lower revenue levels, depleted capital structures, and reduced employee productivity and morale. They have also needed to adopt new approaches to obtaining and serving customers due to Covid-19 quarantine mandates.
While some well-positioned businesses, such as Amazon, Alibaba, and Zoom, have thrived during this period, most middle-market businesses have not. As the world emerges from this exceptionally long “tunnel,” business leaders need to prepare for both growth and resilience in 2021…
Resilient Business Strategies
Resilience is essential to the success of both business and society; each depends on the other. While connected, resilient business and resilient societies have different characteristics and contexts.
Resilience is deeply relevant to nearly every core business activity: product development, sourcing and procurement, human capital development, natural resource acquisition and use, financial capital deployment, and marketing and communications. Resilient business strategies are the best pathway for companies to compete and deliver value and for business and society to thrive.
The many shocks to the system that we have seen over the past year show the clear and urgent need to create more resilient societies. What’s more, as devastating as COVID-19 has been, we know that there are many other profound changes remaking our world, including technological advances, climate disruption, income inequality, deep systemic discrimination, and loss of faith in democracy. These fundamental changes should prompt a commitment to resilience to deliver shared prosperity, a healthy environment, and social cohesion. If they don’t, these and many other changes threaten to turn tensions into deep cleavages in society…