Every successful entrepreneur has spent hours drawing up business plan models and market studies to achieve their company’s objectives. However, as the market becomes more and more competitive, companies need to adjust to it as well. They need not just study how to break in the market but also find out how they are going to stay relevant.
Your capacity to adapt as the global market evolves can determine your organization’s resiliency. But, what is organization resilience, you might ask?
As defined by the British Standard (BS65000), organizational resilience is “the ability of an organization to anticipate, prepare for, respond and adapt to incremental change and sudden disruptions in order to survive and prosper.”
You need to learn to move past traditional policies to survive in an economy fuelled by disruptive innovation and technological advances. It goes beyond risk management and resilience concepts for business continuity and competitiveness.
If you want to succeed in this ever-changing economy, here are key elements of a resilient organization:
Responsive to change
Organization resilience is deeply rooted on how you respond to an evolving market. You need to be open to new ideas and learn how to transform your product or services as the market’s need changes.
Put in place reliable processes
Delivering high-quality products or services is a crucial component of success. Organizations should have a systematic approach for quality assurance. Establishing a reliable process can help you keep the quality consistent while maintaining enough room for innovation.
Apart from responding to market changes, your company should also be proactive. Being proactive means finding new ways to improve your products that will keep your company relevant and valuable for consumers. Investing in research & development can help you build organization resilience.
Healthy corporate culture
It is important to maintain a holistic inclusion and healthy appreciation of everyone’s contribution to the success of the business. No matter what industry you are in, the cliché line “people do business with people” remains to be true.
You may have celebrity endorsers and philanthropist ambassadors, but a face of the company you will always have is your people. How well you motivate and value them can determine whether or not your business can succeed.
Strong structure for the future
Always look at the bigger picture. A resilient organization does not just work on achieving short-term financial goals, but takes into consideration the long-term effect of every business decision. Thinking about short-term objectives can cause you to miss out on an opportunity.
Company leaders should have excellent management skills. They need to make strategic business decisions in times of crisis. Your leaders can help you evaluate strategies and study policies that might go against the organization’s goals.
At the end of the day, every time you clock out of work, disruptive innovation continues to change the market. Without flexibility, adaptability, and foresight, many companies could cease to exist including yours.
Anything can happen in a blink of an eye, so do your best to build a resilient organization. Being a resilient organization does not happen overnight, but taking small steps like preparing for the future and embracing cognitive diversity can help you get there.