Although we are approaching the proverbial ‘light at the end of the tunnel’ of a very long tunnel, the world economies are still months, if not years, away from pre Covid-19 levels. Most businesses, the world over, have had to adjust to significantly lower revenue levels, depleted capital structures, adopt new approaches to obtaining and serving customers and reduced employee levels due to Covid-19 quarantine mandates. While some Covid-19 focused businesses such as Amazon, Alibaba, and Zoom have thrived, most middle-market businesses have not, and as we emerge from the ‘tunnel’, middle-market business leaders need to prepare for growth and resilience in 2021.
Most of us have a good idea of the definition of growth, but resilience is a relatively new addition to the business vocabulary. So, here is a good definition to start: Resilience is the ability to protect and grow value in the face of rapidly changing external conditions.
To build and maintain resiliency in your business, you will want to minimise the downside while maintaining the ability to act on opportunities. Resilience involves financial, operational, strategic, and psychological elements. To build and maintain resiliency in your business, focus on four tools that will be key to your success:
1. Culture,
2. Leadership,
3. Change, and
4. Discipline.
As you refine your culture and adapt your leadership for 2021, make sure you clearly identify the vision you have. Know where you want to be at the end of 2021. Identify the milestones and metrics that will tell you that you have achieved growth and resilience. This is not an easy task. Be specific and set challenging but attainable goals.
Culture is the personality of your organisation
This story is from the February 2021 edition of Indian Management.
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This story is from the February 2021 edition of Indian Management.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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