Building Resilience in Business
By Tina Zawila
Resilience is a bit of a buzz word at the moment. We talk about building resilience in our kids, and even as adults we must continually deal with the challenges life throws at us. It can be defined as “the capacity to recover quickly from difficulties, toughness and the ability to spring back into shape, elasticity”.
So what about our business? How resilient is your business and how resilient are you as a business owner? Can your business adapt quickly to disruptions while still maintaining continuous business operations?
Most business owners deal with difficult situations, tough times and challenges on a daily basis! Whether it’s a serious cashflow crisis, or simply a team member’s absence due to the flu, the business owner needs to problem solve and adapt immediately. As a business owner and leader, your decisions are often visible and subject to review and judgement by others – your partner, customers, team, bankers, the ATO and the list goes on.
So how do you build your own resilience to have confidence in your decisions and to bounce back when things don’t go as planned?
- Have strategies to cope with stress, maintain your self esteem and focus on your skills and abilities. If something goes wrong ask “What did I learn from that?”
- Know your purpose and have clear values and goals. Be persistent and constantly develop your problem-solving skills.
- Develop personal relationships with a support network of people that understand and can help and support you.
- Be adaptable and know what you have the power to change and control, and what you do not.
- Practice self-care by taking time to rest, exercise and eat well.
Business life can be challenging, however, if you are building a business that you are passionate about, you will always find a way to overcome any obstacles that may arise. And remember, you are not alone. Your business advisor is only a phone call away.
Call the professional team at Sothertons on 4972 1300 today.