The Important Role Of Resiliency For Small Business

The Important Role Of Resiliency For Small Business

The global pandemic has turned our world upside down and it continues to affect many people including those in business industry. Small businesses have suffered a lot and predicted to continue to struggle until everything is fully under control. And it is not a good news at all for them. Small businesses experience more struggles due to many factors such as lack of adequate resources to help them survive during crisis. They are forced to lay off their employees while still struggling with steadying their business. Resiliency is what matters the most for small businesses to survive any hardship including crisis caused by this worldwide pandemic. 

Building resilience

It is not so easy to take care of a business which involves lots of people because you have to take care of them too. During this pandemic, many employees have been laid off and the number of unemployement has increased shown by many different statistics and data since the pandemic hit. No one could predict such situation happen because it was so sudden and caught everyone off guard. That’s why not many of them could survive. And in this case, data showed that only resilient small businesses were able to survive until now. But how can you make yourself and business resilient?

Be open-minded

When starting your own business, always have a mindset that won’t allow you to feel too comfortable. Even when you business is going well, do not settle for less and always be ready with any possibility. For example, you have planned your business to go in certain way. However, do not close yourself off from the possibility of crisis when you need to pivot. Always have an open mind to move as flexible as possible. When your business revenue is increasing, do not feel comfortable and save up for backup that will help you during the unexpected. 

Constant learning

To build your resilience, you need to keep learning. It is not only learning about your area of expertise. It can be about anything that can help build your resiliency. Anything that can help you honing in your skills while broadening your expertise is worth learning for. Also, there is no limit when it comes to learning. You can learn from anything and anyone. When you have a mindset of a learner, you will make even struggles as valuable lessons. Even if what you learn won’t help you with anything today, it probably will tomorrow when you least expect it. 

Embrace digitalization

It is essential for today’s businesses to embrace digitalization because it is how the world works today. If you are unwilling to adapt, you won’t be able to keep up, let alone handling crisis. Embracing digitalization allows you more opportunity to adapt well with the situation. You know how to pivot and navigate your business using the right tools to survive and thrive even during hard times. Digital transformation has been one of key ingredients in reaching success even before the pandemic hit. With it, you will be able to serve your local communities even better.