How To Build Resilience in Your Business in 3 Simple Steps

Mukonki Mukonkela

Mukonki Mukonkela

Host of the Ndalama Insights Business Show.

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How To Build Resilience in Your Business in 3 Simple Steps

I discuss "How To Build Resilience in Your Business in 3 Simple Steps." With the Covid-19 pandemic disrupting business operations and people still adjusting to the new normal, there clearly is a need for business owners and their businesses to be resilient. Resilience is the character or ability to adapt to any circumstance and bounce back no matter the situation. So how can you develop such a culture in your business especially in times of uncertainty?
How To Build Resilience in Your Business in 3 Simple Steps
Kelvin Chisanga

Whose Today’s Guest?

 

Kelvin Is a strategy professional  with exceptionally strong  analytical and quantitative  skills with a proven ability to develop, prioritize and implement initiatives that create value.

He is the Co-Founder and Executive Director at I-NetCom Business solutions Zambia Limited.  https://www.linkedin.com/in/kelvin-chisanga-30803436/

How To Build Resilience in Your Business in 3 Simple Steps

 

Challenges Faced By Business Owners

One major challenge that businesses have faced during the covid-19 period is that of the out flow of customers  due to the current mode of operations, as a result there has been a huge shrinkage in the revenues made while other areas such as the supply chain are being disrupted and making  it hard for businesses. The pandemic has brought a lot of risk factors with it making it a struggle for businesses to conduct business as they have in the past prior to Covid-19.

Actions to Take

As a business it is important to look at your capacity and determine how a business can diversify. Covid-19 has brought with it a lot of setbacks, one major one that most businesses are still struggling with is that of a face to face experience with clients. This is devastating for businesses that provide services that are people centered e.g. events associated by large gatherings.

The pandemic has brought a halt to such events hence the need for a business to diversify and venture into other elements by introducing additional services that can use to actually leverage the situation and stare a business in the safe zone as they seek to survive.

Characteristics and Attributes Business Owners Need

  • Positive Mindset

As a business owner, you need to have a positive mindset embedded in you, you should be able to withstand and weather the storm. Don’t just invest having a positive mindset but develop a positive culture too when things are getting tough. Always remain positive.

  • Objectiveness

No matter the situation always stick to the vision of your business, never let your vision die because of the prevailing situations. Set objectives to meet your vision and let them be your driving force.

  • Create Opportunities

No matter the prevailing situation, never stomach negativity. Always remain positive and keep an eye out opportunities that may come out of the dare situation you are facing.

  • Communicator

Communication is vital, especially positive communication. Keep your relationships with your customers and various stake holders open, keep them involved in what’s going and what your planned course of action in light of the prevailing situation will be.

Developing positivity in a business

Maintaining a positive mindset may be the hardest thing to do especially when your business is not making sales and yet there bills to pay, salaries and rentals. But developing such in your business can only be achieved by having a clear organization setup and personal frame work. 

The business setup will require for a business owner to think ahead and put in place a business continuity plan or risk assessment management. This will allow you to prepare for any catastrophic event that should or rather would occur and enable the business to have fall back safe. In short always, ensure that your business has a contingency plan.

On a personal level though as a business owner, you need to be a cheer leader. There will be moments where things seem to be working against you, but you need to be positive. Think of other opportunities you can invest in, learn from the negatives they can be a bench mark for you to move on.

Building resiliency in your business

Resilience is a personal characteristics that one needs to have but a business also needs to build this character in it. One way of doing so is to put in place a succession plan. Identify people that are resilient and groom them to take over in the event of your demise.

  • Be Explorative

Explore options as a business and place figures on your contingency plan. Always set aside money for you’re a contingency.

  • Maintain Networks

You can’t survive if you’re not making sales, as your business seeks to build resilience it should seek to maintain networks active. Communicate with your clients in times of uncertainty. Even a simple quick hello will do, it will help them know that you are still open for business despite the prevailing situation.

  • Re-market

Opportunities are always there ensure that you are always marketing and telling your clients what you are capable of doing.

 

Key Insights:

  • Be positive as you come up with your business plans, projections and decisions ensure that you have a focus and that you should drive you to achieve what you want.
  • As you seek to build a culture of resilience look at things like company reputation and technological disruptions, quickly invest in those things before it is too late.
  • Opportunities will always be there, no matter how many market shifts occur, remain positive and stick to the vision that your company has.

“In times of uncertainty always remain positive and look for opportunities. Learn from the negatives, they can be a bench mark for you to move on.”                    

We would love to hear from you. You can participate in this conversation on social media and in our comments section below. Your input is valuable to other.  

Explore these Resources

In this episode we mentioned the following resources: 

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Mukonki MUkonkela

Mukonki MUkonkela

Mukonki was inspired to start the Ndalama Insights business show in 2016 to share knowledge with business owners who are just starting or growing their business and are struggling to get answers to challenges they may be facing in their business.She believes with the right insights and skills you can overcame any obstacle on your way. And so the Ndalama insights business show was inspired from this belief.

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