FUTURE-PROOF YOUR BUSINESS FROM HARD TIMES WITH THESE EASY STEPS
Every business must have a survival mantra, a rallying call built around their desire to survive and succeed. Mine is by Mary Anne Radmacher “Courage doesn’t always roar. Sometimes courage is the quiet voice at the end of the day saying ‘I will try again tomorrow’. This quote spoke to me, and it is brutally honest about the realities of running a business there will be good and bad days and no matter what is thrown at you, you need to keep going – in short, every business needs to have resilience as part of its DNA.
What is resilience?
Resilience is your ability to bounce back from difficulty or failure and this is a must for any business that intends to exist over a long period. At a glance, it may seem like an easy thing to do, but many great companies like Kodak and Nokia have fallen from grace when their resilience was put to the test. It thus goes to show that resilience in itself will not be achieved by having a paragraph in your corporate strategy; rather it has to be anticipated and planned for as informed by the environment your business is working under.
Very recently the whole world was tested by the Covid-19 pandemic, airlines, hotels, and the tourism industry took a major hit as evidenced by major layoffs and the closure of Hotel Intercontinental and Nairobi Hilton among others. These entities and some through no fault of their own were unable to bounce back and thus begs the question how do you future-proof your business to survive the downtimes?
Resilient companies have demonstrated 5 main characteristics summarized as 5C’s
- Clarity
These businesses are clear about their mission, vision, and values. When asked they are clear why they exist and what business they are in for example McDonald’s is in real estate, Safaricom is in communication and finance and Kenya Airways is in transport and not airline business. With clarity on what business they are in, they can formulate strategies that guarantee they remain relevant and valuable in these industries.
- Cooperation
These companies have learned to work with people- be they their customers, suppliers, stakeholders, communities, and government. Working with the communities allows for the business to acquire a sense of belonging and this belonging is invaluable currency during tough times as the community around you embraces you. Further, this community often transforms into your brand ambassadors who will defend your brand even in your absence.
- Care system
Resilient companies are socially responsible and environmentally conscious and offer amazing customer experiences. All these characteristics are tactfully woven into their social and communal fabric, engage with and give back to the said communities through employment, social support, and community activities among others.
- Change
Change is inevitable and as a business, you must be flexible to survive. Today’s survivors build their businesses around the VUCA acronym that understands the operating environment is Volatile, Uncertain, Changing, and Ambiguous. This represents the reality of their ever-changing new normal and thus a change management system is part of their operational strategy.
- Communication
These successful businesses understand nothing happens unless they communicate. Open communication builds conversation, creates communities, preempts change, and allows for the personalization and building of our corporate brands. These businesses thus regularly engage their employees, customers, and stakeholders and the messages shared stem from the clarity of what their businesses are about.
With this in mind, all business owners must understand the above characteristics and apply the diverse dynamics to their respective industries and businesses. Indeed the characteristics are not a one size fits and thus they must be tailored to the diverse dynamics of your business.
Besides corporate resilience, you as an entrepreneur must also be resilient, your mettle will be put to the test and how you navigate the challenges is critical to the success of your business. In this regard, the business owner must be realistic and jealously guard their mental health as these will be key in their ability to survive downtimes and bounce back from hard times.
Should you wish to learn more about how to keep your business afloat and thriving during tough economic times, contact Springboard Capital at 0700 944 444/WhatsApp Us through the button below or email us at info@springboardcapital.co.ke. Our team members are equipped to guide you through the challenging business landscape and help you with all your financial needs.
Article based on Japheth Musau Webinar Presentation– Mr Japheth is an experienced Digital Finance Expert with a demonstrated history of excellence in the banking industry. He is also the President of the Kwanza Kenya Toastmasters Club
Follow us on our LinkedIn Page: Springboard Capital Ltd
