With the media forecasting rises in inflation and the continued rises in fuel you could almost hear the collective groan from small business owners up and down the country. If you are a business owner looking to bounce back from difficult situations, it helps if you have a resilient business model, and here’s why:
Why You Need To Be Resilient
1. To Build Sufficient Business Strength And Flexibility:
A profitable business is characterised by its adaptability and ability to embrace change. Its ability to withstand difficulties. Change and challenges are inevitable; therefore, small business owners must be flexible.
Flexibility can be achieved by staying goal-centred, focusing on the business objectives, and not letting obstacles get in the way of the vision you have for your business.
2. To Identifying Opportunities:
Moreover, being resilient enables the business owner to learn from challenges, failures and mistakes, instead of wallowing in them. A positive outlook on setbacks may provide a chance to identify new ideas and polish up the strategies for operations.
Finding answers and solutions to the hurdles the business is facing might afford you an opportunity to:-
- gain a competitive advantage,
- optimise the productivity of your company or
- devise a complete breakthrough in the industry.
3. For Better Business Performance And Growth:
Adversity breeds strength
Therefore, it is through overcoming the challenges and tough economic times that a business can increase their performance and grow. Having the psychological strength to look past the challenges, and focus on the opportunities, builds the confidence of the company to handle future economic threats.
How To Build A Resilient Business Model
As a business owner, it is easy to feel frustrated during challenges such as Lockdown, to be overwhelmed by business operations. As a result your first thought might be to take the easy way out and quit. However, it is essential to learn to ask for support when you need it.
Due to financial constraints, it might not be possible to hire extra staff members. Therefore, the flexible option of a Virtual Business Manager or Virtual Assistant may be more viable. Especially for specific occasions when you need an extra hand for operational tasks such as;
- project management
- office coordination,
- managing social media accounts and web postings,
- supplier management – organising deliveries, orders and controlling costs,
- responding to customer feedback, inquiries and phone calls, and other duties.
In conclusion, the flexibility outsourcing gives you, will enable you to focus only on the crucial aspects of your business – things like managing production, increasing profits, and ensuring quality services. Moreover, it gives you that added resilience, that flexibility to respond to change quickly. To weather the storms that the small business population is currently facing.