Resilience in Business: What it means and why you must develop it to succeed in your business or in your career
Resilience is key to succeeding in nature, succeeding in life, and succeeding in business - we'll cover resilience in business here.
The world has gone a bit soft over the last few decades and discussing resilience in business might even seem strange to individuals who aren't used to the term. Small and medium sized business owners bad managers would find it useful to know, however, that the biggest corporations in the world are deeply concerned about understanding and developing resiliency - it's time that small and medium sized businesses caught up.
Now, we'll do the customary dictionary definition of the term to start - resilient means:
So, from the definition we can see that there are a few things to think about when thinking about resilience. Resilience is more than just strength - ti si the ability to recover after suffering some sort of stress. Resilience is the ability to bounce back from misfortune or adjust to it in an easy way.
How can this general definition translate to business? Well, it should be easy to understand that a business will likely suffer all sorts of setback over time. These setbacks can include things such as:
Now, when these occur, the business that is resilient stands a greater chance of surviving these unpleasant events. A business that is capable of withstanding shocks is far more likely to be able to survive the inevitable shocks that life and business send our way from time to time.
Let's dig a bit deeper into what resilience really means for businesses. Specifically, what characteristics of a business allow it to be able to withstand those shocks we discussed above? Business resilience arises from a few factors:
No matter what business you run - whether it be a small ice cream shop or a small bank - resilience planning will provide you with a variety of benefits. The primary benefit is the ability to keep the business running as a going concern in the event of adverse or severely adverse circumstances. In addition to this primary benefit, however, you and your business managers will gain a lot of peace of mind knowing that your business is resilient nad likely able to survive as a going concern in even severely adverse operating conditions.
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