Five Ways to Build Business Resilience in 2021
2020 tested businesses and entrepreneurs in ways none of us could have imagined. State-wide lockdowns and restrictive guidelines caused many businesses to close their doors for months, and unfortunately for others, indefinitely.
If your business was one of the lucky ones that survived, congratulations. You’re off to a great start. You’ve proven that regardless of the uncertain times we’re living in, your resilience has kept you and your business alive. Resilience is key to ensuring you don’t become one of the millions of entrepreneurs around the world struggling to keep their business afloat.
Below are five ways to build business resilience in 2021.
Expect the unexpected
To bounce back after a setback, you have to be open to even the most improbable situations. When you prepare for any situation, you’re more likely to face those issues with grace and a good attitude. It doesn’t mean you’re constantly living in fear, but it does mean you have a plan for outrageous things that could test your business. Worldwide pandemic, anyone?
Diversify your income streams
One of the biggest struggles for entrepreneurs and business owners is their finances. Many of us are constantly worried about meeting our goals and securing the next deal. The pandemic has killed countless dreams and businesses who “put all their eggs in one basket”. This means they were relying on a single method to make money. When you diversify your income, you build resilience and confidence. You know that even if one method goes away, you still have other streams to rely on.
Rethink your customer experience
Customers are the backbone of any business, so reimagining their experience is crucial to continued business. If you want to stay ahead of the game and build a resilient business, keep your customers top of mind. Innovate how you show up for them and give them the best experience possible.
Save for a rainy day
The pandemic proved to all of us, business owners or not, that a savings account is essential in life. For entrepreneurs, savings can be the difference between staying afloat or sinking. Having enough money to keep your business going means that, even if your business closed for months, you’d have the resources to figure something out without having to shut your doors.
Build a tribe
There’s nothing harder than going through a difficult time alone. That’s why having a group of people to fall back on during times of stress and uncertainty is crucial. A strong tribe will be able to help you bounce back from a difficult situation. Whether it’s offering emotional support, financial backing, or career guidance, they can ensure you and your business are resilient through 2021 and beyond.