Egg in Wrench

5 Ways to Build Resiliency in your Business

Creativity at its core is about solving problems. When industries and economies struggle, it’s the creativity of the entrepreneur that is the light that can lead communities towards positive change and ideally growth. When it comes to addressing a challenging economy, you need to evaluate the resiliency of your business. Resiliency, by definition, is perseverance and the ability to quickly adjust.

What makes a resilient company? 

  1. A strong business core. Not unlike the physical core strength of your body, the core strength of your business are financials, marketing, production, and customer service. These will ensure you have the flexibility to adjust and manage as circumstances in your industry or the economy changes.
  2. Avoid overextending. Focus on working with a lean business model. Service the clients and customers your time and staff can manage well. Do this while also avoiding overextending your financial commitments by not investing in potential sales, but actual ones. Opportunities like crowdfunding are a perfect way to produce and sell what you need without the additional storage, distribution, and commitment to sales and marketing machine expenses that can stress your company out.
  3. Be nimble. Keep an open mind to making adjustments. Just because something has been done a certain way doesn’t mean, things can’t change. Keep your eyes and ears open for how you can pivot your business to meet the needs of now and tomorrow.
  4. Encourage loyalty. People aren’t committed to stuff, but they do get attached to an ideal. Especially an ideal that is connected to a personality. Whether it is you, or your brand. Reach out and thank your current clientele, as well as reconnect with previous customers with insights you know they will value. Anything as simple as a notecard dropped into the mail speaks volumes.
  5. Cheer on your network. Consider a marketing strategy on social media that isn’t about you. Lift up your customers and connections by sharing and commenting on their social media posts. Talk about them in your own newsletters or posts as well. It also never hurts to mention your part in helping their success, or even how you benefited from their services or products.

In the end, trust yourself to make the hard choices and know you have the inner strength to manage the outcomes of them. Because when it comes down to it, you manage what life throws at you by choosing how to react to it.

By Crystal Reynolds

 

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