How to Build Resilience for Your Business

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Ah, the ever-evolving world of business! It’s no secret that over sixty five thousand small businesses bit the dust last year. Startlingly, about 22% of them are barely a year old when they hang up the ‘closed’ sign for the last time.

Let’s be real—running a business is hard. As a business owner, you have to juggle a million things at once. And if you’re a woman with a family and children, your days can be a balancing act… juggling, well, everything.

All these challenges can sometimes make you feel like it’s all too much. Throw in winter blues and a slight recession… Wow, I’m not painting this in a good light, am I? Haha!

The businesses that thrive don’t just have the best products or the smartest management teams. Nope. Most of them have faced significant hurdles and had to adapt, rethink strategies, and grow in unexpected directions. In other words, they’ve got resilience.

Resilience in business means anticipating, preparing for, responding to, and adapting to disruptions—those curveballs life loves to throw—to keep your operations humming along.

While closely related, business resilience and business continuity aren’t quite the same. Business continuity is about ensuring that things keep running smoothly even during tough times, with specific plans in place to maintain normalcy and customer service. Think of a small retailer stockpiling supplies or finding alternative sources to combat supply chain issues.

Business resilience, though, takes it a step further. It’s about bouncing back and even thriving after disruptions, adapting and navigating through challenges. For example, a business might introduce new processes to manage supply chain problems or diversify income streams through online services or new products. Adapting and innovating in adversity is the name of the game.

It’s not all doom and gloom. Being resilient and putting your energy into the right things at the right time will help keep your business afloat. How many of you have been busy being busy but actually getting nothing done? Procrastination can be a killer. While there’s some value in creative procrastination, there comes a point when you just have to GSD (get stuff done).

As someone who deals with seasonal depression, I know how easy it is to slip into “Let’s close the curtains, climb into bed, and have a Netflix day.” While those days are fewer because I’ve learned to be resilient in my business so things don’t get out of hand, let’s be honest—anything can happen and throw that out the window.

Tips to Boost Your Resilience

So, how do you build up your business resilience? Here are some tips that’ll help you and your business stay strong:

1. Create a Support Network: Surround yourself with mentors, advisors, and like-minded business owners. Sharing experiences and advice can be incredibly empowering.
2. Stay Flexible: Be open to change and willing to adapt your business models, products, or services. The ability to pivot can be a lifesaver.
3. Plan Ahead: Develop a business resilience plan. Identify potential risks and create strategies to mitigate them. This could mean diversifying your supply chain or making sure you have a rainy-day fund.
4. Take Care of Yourself: Running a business is exhausting. Make sure to take breaks, maintain a healthy work-life balance, and ask for help when you need it.
5.  Keep Learning: Stay updated with industry trends and continuously seek new knowledge and skills. The more you know, the better prepared you’ll be to face challenges.
6.  Prioritise Your Mental Health: Don’t underestimate the power of a positive mindset. Practice mindfulness, exercise, or whatever helps you stay mentally fit.

Every challenge is an opportunity to come out stronger, more agile, and more innovative. So, lace up those boots and get ready to tackle whatever comes your way. You’ve got this!