I keep a positive attitude about life, and there's so much that brings me joy: my connections with others, my sweet dog "Adrian," the first bite of delicious homemade chocolate ice cream — we lay the chocolate on super heavy! I'm Team Chocolate. Boo, vanilla!
But I'm also a devoted realist when it comes to business. Unforeseen trouble comes, and a resilient response comes through preparedness and the right outlook. Never leave resilience to luck. Do whatever you can on the front end.
So here are five tips on how to prepare your business for unlucky breaks:
- Prioritize Health and Well-Being: You can't handle much if you aren't physically and mentally well. Your team can't either, so don't underestimate the importance of health and well-being. Stress and burnout can significantly impair decision-making and productivity. Implement policies and practices that promote work-life balance. A healthy team is more productive, creative, and better at handling stress. Create an environment where employees feel valued and supported.
When Planning Clicks, You Know It's Right
- Visualize Bad Events and Prepare a Plan: I frequently ask myself, "What's the worst that can happen?" And then I run with it. I map out responses. Begin by identifying potential business risks, such as market downturns, supply chain disruptions, or critical staff departures. Assess the impact of these risks and develop strategies to mitigate them. This might include diversifying suppliers, cross-training employees, or setting up an emergency fund. A plan ensures you're not caught off-guard and can respond effectively to challenges. Also, regularly update your contingency plan. The business world is dynamic, and what may have been a relevant strategy a year ago might not be effective today. Regularly review and update your plan, ideally every quarter. This also involves keeping abreast of industry trends and economic forecasts, ensuring your strategies align with current realities.
When Tom Quits, Consider a VE Team Instead
- Build Strong Relationships Outside of Your Business: Be there for people! If you don't, people probably won't be there for you. Strong relationships with customers, suppliers, and partners act as a support network during challenging times. Be willing to support others when you recognize hardship. Maintain regular communication and strive to understand their needs and concerns. This helps retain their loyalty and gives you valuable insights that can guide your business strategies.
Engaging in community events, joining industry associations, and participating in trade shows can expand your network and open new opportunities. Strong connections often lead to collaborations and invaluable support systems during difficult periods.
- Cultivate a Resilient Team Culture: Resilience is not just an individual trait but a team characteristic. Encourage employees to be adaptable, learn from setbacks, and support each other. This can be achieved through team-building activities, resilience training, and open communication channels where employees feel comfortable sharing their concerns and ideas. When you recognize resilience in your staff, acknowledge and reward those responses, letting other employees see how their team members excelled in the face of adversity. This boosts morale and sets a precedent for how to approach challenges.
Hiring is Hard; Here's How We Help
- Invest in Quality Talent: Along the same lines, build business resilience through outstanding hiring and employee retention. Your team is your most valuable asset. Investing in quality talent means hiring skilled individuals and nurturing their growth. Provide training and development opportunities to enhance their skills and keep them engaged. A professional and motivated team can handle bad breaks. Also, focus on retaining your top talent. High employee turnover can be costly and disruptive. Always prioritize practices that lead to employee satisfaction and loyalty.
That last tip is where we shine at HireSmart. We're a team of team builders. That's genuinely my wheelhouse. I love helping clients find the best talent for the lowest cost, integrating virtual employees seamlessly into the office workflow, retaining those VEs, and building a rock-solid team that weathers the storms and sails to new destinations in the good times.
For a decade, we've linked U.S. businesses to the top virtual office talent in the Philippines. The cost of living there is much lower than in the States, meaning we can charge clients a flat bill rate of $9.50 an hour and provide competitive wages for our virtual employees and health and dental benefits. This arrangement represents incredible market leverage you can utilize to benefit your business, and we've perfected a process to get you the best employees specifically matched to your needs.
Looking To Increase Your Bottom Line?
If you're interested in learning more about building that resilient team or discussing strategies to build the sturdiest business possible, click here to chat with me at your convenience.