Resilience is an essential component of a successful business, especially in uncertain times. These days, discussions around “resiliency” are prioritized on meeting agendas in boardrooms and executive suites around the world, from government to private enterprise. While planning around this concept may mean one thing for larger, slower-moving organizations that are often harder to maneuver quickly, it could mean something else for small-business owners and solopreneurs
Their bigger competitors may have greater resources to invest in new initiatives, but small, nimble businesses can often effect change faster, lacking lengthy corporate approval processes. Of course, smaller companies are also often already running lean operations and might have to stretch their budgets to ensure they can be as flexible and adaptable as possible.
To help this particular group find the best ways to do so, 14 Forbes Coaches Council members offered their best tips for building resiliency into a small business.
Forbes Coaches Council members offer tips for smaller companies to build resiliency into their operations.
Photos courtesy of the individual members.1. Stay Tuned In And Adapt Quickly To Change
One great thing about operating lean is the ability to innovate faster than your counterparts. Ditching the “corporate buy-in” allows the entrepreneur to grow and move in different directions as needed. As such, setbacks or strategies not producing a return as expected do not hold such power. A leader and team who are tuned in with the industry quickly shift priorities to meet customer demand. - Patrick Antrim, PatrickAntrim.com
2. Anticipate Trends Before They Happen
A truly resilient organization is able to anticipate events before they happen by scanning the external environment for the weak signals of change. For small business owners/solopreneurs, the key is to work with others to observe what is going on. Tap different data sources and keep your sense of “what has always been” from interfering with your ability to anticipate what “might be.” - Margaret Schweer, Tammy Erickson Associates
3. Crowdsource New Norms And Accountability
Discussing resiliency and encouraging behaviors that help people be resilient are two different things. Small organizations can ask everyone about the habits that help them be resilient. Then, set new norms and give employees permission to hold each other accountable for encouraging those habits. If keeping meetings shorter to allow breaks is an agreed norm, make it easy to speak up if it isn’t happening. - Susan Shirley, Global View Leadership
4. Raise Your Awareness Of What Matters
Resiliency is not just perseverance. Resiliency is about awareness. For small business owners and entrepreneurs, it’s knowing when to go “all-in” and when to “pivot.” Resilience starts with a clear understanding of what matters (values, priorities and expectations) and focusing your energy, effort and attention on those things. Awareness enables organizational resilience. - Dennis Volpe, LRI
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5. Focus On What You Can Control
Being resilient in today’s world is truly a dance between staying connected to your vision and knowing when and how to shift and let go of the plan while keeping your spirits up and the hope alive—even when things constantly change. To practice resilience, focus on what you can control and let go of the rest. Prioritize the real priorities and don’t get distracted by the drama and fire drills. - Christie Garcia, Mindful Choice, LLC.
6. Take Advantage Of Having A Lean Team
A huge part of resilience is adaptability. The benefit of being a lean startup during volatile times is that you can pivot more quickly and shift your strategic gaze to focus on meeting the moment when customers need change. Take advantage of having a lean team; it means you can more easily shift priorities and strategy based on changing context, thereby inviting a more innovative, adaptable approach. - Melissa Eisler, Wide Lens Leadership
7. Regularly Pause And Reflect On What’s Working
Build resiliency by pausing regularly to evaluate what’s working, what’s not working and how to pivot in response to new challenges. This ongoing reflective practice, which can be bolstered by the support of a coach or mentor, will not only ensure that one responds quickly to changing factors but also fuels confidence. - Glenn Taylor, Skybound Coaching & Training
8. Learn How To Respond To Surprises And Recover
Resilience is reflected in the way you think, your attitude, EQ and mindfulness. It is your capacity to recover and bounce back quickly. Life is full of twists, turns, ups and downs. How we handle those surprises is what counts. Small companies can thrive when it comes to resilience because resilience does not cost money or time. It is a skill set that sets you apart and helps you lead your people. - Brad Federman, PerformancePoint LLC
9. Be Flexible To Find Creative Solutions
The most important thing is to be flexible. If your business can be flexible and meet changing customer requirements, you can actually find creative solutions that work for both you and the customer. First, seek a solution before saying “no” outright. When you have taken the time to see all possibilities, often there is an answer. Stay lean; this makes it possible to sustain through tough times. - Savitha Nanjappa, Success with Savitha
10. Prioritize Work-Life Balance
Burnout is enemy No. 1. Successful small-business owners and solopreneurs are intentional about creating a work-life balance and practicing self-care. Focus on efficiency and outsource where you can. If you have the budget for an employee, hire for resilient behaviors such as a growth mindset, desire for a challenge, taking initiative, making decisions and a willingness to take responsibility. - Cheri Rainey, Rainey Leadership Learning
11. Create Checkpoints To Stay Aware And Informed
You need built-in checkpoints within the structure of your operation. They can be as simple as a recurring question that appears on your calendar once a month at a specified time: “What did I do in the last 30 days to ensure my longevity?” Events move so quickly that it is easy to find yourself further down the road and less informed than you were at the beginning. Checkpoints make you think. - Lee Meadows, Meadows Consulting
12. Collaborate And Learn From Mistakes Quickly
Having discussions around resiliency is one thing, but being resilient is another. Small to midsize organizations don’t always benefit from strategies that larger organizations employ, but there are unique advantages to being small. The ability to quickly collaborate with your team while addressing problems allows both parties to learn from mistakes quickly, which builds self-efficacy and momentum. - D Ivan Young, Dr. D Ivan Young
13. Maintain Your Financial, Time And Energy Margins
Resiliency for small businesses is usually about the discipline of maintaining margins—specifically, financial, time and energy margins. Build a financial reserve or access to credit to handle periods of low cash flow. Ruthlessly focus on important business activities and cut everything else out. Then, get support and build a team that will allow you to focus on what only you can do. - Christian Muntean, Vantage Consulting
14. Document Your Procedures And Roles
A simple but usually neglected task that businesses of any size can implement to build resiliency is to document the procedures for running every aspect of the business and how to fill any role. This ensures that important tasks are not neglected if a key player suddenly leaves or business increases, requiring new staff to get up to speed. - Carmen Bolanos, Carmen Bolanos Coaching
