As the world becomes more unpredictable, it is our duty to build our businesses in resilient ways in order to prevent our businesses from going into a loss. One example of the unpredictable nature of today's world is the Coronavirus, a pandemic that has hindered businesses and other activities around the world. During this time, many businesses have had to shut down while others faced huge losses due to travel restrictions and closure of workplaces. It is times like these where one must think of corporate resilience and how to move forward and seek better business opportunities in the future.
More Adaptable to Change
In order to develop resilience businesses, need to be more adaptable and open to changes. Jack Ma, the founder of Alibaba, claims that change should be the default for every business, instead of stability. Corporations need to work on how to move forward and change their ways during times of crisis to attain corporate resilience. This will help them become more sustainable. Other than resilience, corporations should know that there is always a way forward. Many opportunities are around the corner and these can be easily grasped if the business looks out for them.
Bringing Something New
Businesses should be willing to seek new opportunities, especially during times of crisis. Companies need to focus more on looking for alternatives and searching for answers instead of dwelling on failures. Many companies boomed and grew during the recent lockdown as well; this is because of their ability to seek newer opportunities. Apple made $58.3bn in revenue during the March quarter despite all its stores being closed. Fashion companies like Boohoo made enormous profits while the entire fashion industry was failing to function; this was only possible as they created a new line of home clothing items and their customers loved the idea of looking fashionable while being comfortable.
This shows us that businesses should think outside the box and strive to look for new opportunities and to build up resilience to remain sustainable. As soon as you present something new to the customer, he will get hooked to your business; this is true for fashion, electronics, or even the culinary industry.
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