Building resilience has always been imperative, but Covid has renewed the need for resilient business models, shares Ankit Kumar Agarwal
Resilience simply means the ability to continue to function and fight in the face of adversity. In the business world, it means an organisation’s ability to withstand and recover from disruptions or unforeseen circumstances that negatively impact the business.
The disruption that the Coronavirus brought about in every business was unparalleled. Businesses that were able to adapt thrived; those that didn’t adapt, crashed and burned. “The key is to be proactive and ensure the business is flexible and agile. A good leader knows the pulse of the business and can nip the situation in the bud instead of waiting for something worse to happen.” States Ankit Agarwal Alankit.
A resilient business must be able to evaluate and process information to adapt. For example, the needs and priorities of the customers should be assessed, and changes in the approach must be made accordingly. The ability to respond quickly to a threat and handle it on time is a quality that business leaders need to instill.
“I believe it all boils down to the perspective; if you look at a situation as a challenge and not as an obstacle, you can overcome it. A positive approach is a difference between a win or a failure,” states Ankit Kumar Agarwal of Alankit.
A business must have standard SOPs or a business continuity plan in place. In addition, a comprehensive strategy should be outlined wherein the business maintains essential operations running even during an ongoing crisis. can help keep the core operations going and the business safe.
Another thing to keep in mind is to be technically robust. In the current scenario, where all businesses have an online presence and are backed by the latest technological services, not adopting technical demands will kill the business. “Investing in reliable IT systems, data backups, cloud-based services, and infrastructure can play an essential role in making the organization more agile in times of crisis”, shares Ankit Agarwal Alankit.
Resilience is important not only for big companies but for small startups as well. According to the data presented by the Ministry of corporate affairs (MoCA), 10,113 companies shut operations voluntarily between April 2020 – February 2021 as they could not withstand the Covid lockdown. Moreover, small businesses were not ready for the sudden shock and havoc that Covid restrictions placed on them.
During Covid, businesses struggled to optimize their day-to-day functions, keeping the supply chain intact, and could barely survive. So, even after the restrictions have been lifted and we are returning our sense of normalcy, many businesses still feel the remnant effects of Covid on their business.
The business should have a culture of resilience and agility built into its day-to-day operations. One cannot expect people to handle a crisis when they are not trained to respond in critical situations. Providing training and simulations can help businesses have a structure that acts like a first line of defense in disruptive times.No one imagined that a virus would change the lives of millions of people. However, it must be considered an opportunity to move into the post-Covid world where agility and resilience are the keys!