It is a crucial trait for any business to survive and thrive in the long run as it refers to a company’s ability to adapt and bounce back from challenges and setbacks that are inevitable in any business environment.
But, is resilience really a need and is greatly important in business? Here are some reasons why:
1. Coping with uncertainty.
Business environments are always unpredictable, and changes can occur suddenly and rapidly. Resilient businesses can navigate these uncertainties by being flexible and adaptable in their approach.
2. Recovering from setbacks.
Every business faces setbacks such as financial loss, supply chain disruption, or reputational damage. Resilient businesses can bounce back from these setbacks by learning from their mistakes and finding new ways to move forward.
3. Maintaining a competitive advantage.
Resilient businesses are better equipped to respond to changes in the market, customer needs, and industry trends. This enables them to stay ahead of the competition and maintain their position in the market.
4. Building trust with stakeholders.
Customers, investors, and employees prefer to work with businesses that are resilient and can weather storms. Resilient businesses build trust by demonstrating their ability to handle challenges and maintain stability.
5. Fostering innovation.
Resilient businesses encourage innovation by creating an environment where employees are encouraged to take risks and try new things. This fosters a culture of continuous improvement and helps businesses stay ahead of the curve.
In summary, resilience is critical for businesses to survive and thrive in a constantly changing environment. It is a key element in well-being, and employers are increasingly recognizing the need to provide services, support and health resources to address mental health and well-being.
Resilience is associated with greater job satisfaction, work happiness, organisational commitment and employee engagement, as well as improved self-esteem, sense of control over life events, sense of purpose in life and improved employee interpersonal relationships. Thus, giving much emphasis of its importance in new and even in long-striving businesses.
How about you? Is resilience an important aspect of your business, or is it something you need to work on at the moment? Reach out to us directly anytime on our Contact page!
Sandra Gartner – Founder