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5 Ways to Build Business Resilience
Blog / Leadership / Jul 7, 2023 / Posted by Melanie Musson / 21

5 Ways to Build Business Resilience

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Resilience enables you to come back stronger after hard times. It’s a characteristic that benefits both individuals and businesses, and many of the same principles can be applied to yourself personally as the business owner and your company.

From the tangible preparation of choosing a business insurance provider to the intangible development of a positive mindset despite adversity, these tips will help you build a company that will last.

#1 – Prepare for Hardships With Insurance

There are intangible ways to build resiliency, but insurance is one of the tangible ways to prepare your business for strength despite adversity.

There are so many risks with every business. For example, someone could fall your steps and sue you. A fire could destroy your property. A cyberattack could disrupt your online presence and income. The list could continue.

Educating yourself to prevent hardships, like avoiding an internet scam, is critical, but sometimes, despite your best efforts, you need insurance to help you dig out of devasting losses.

Hopefully, you’ll never encounter the situations listed above, but if you do, insurance will provide a path to recovery. And choosing the best provider will ensure you’ll get the customer service and claims satisfaction you expect.

#2 – Get Used to Making Changes

What worked last year might not be quite right for this year. People’s needs change. Technology changes. Laws change. You must constantly be willing to adapt your methods to improve your business or you’ll become irrelevant.

Willingness to change isn’t just good for building a business. It’s also good for building resiliency. If you’re used to switching things up, you’ll be able to find a new way to succeed when you go through a rough patch. Resiliency is all about recovery, and change can help you recover.

#3 – Build Your Network

Friends are a critical component of personal and business resiliency. You need people that you can trust with your frustrations and fears. The people you lean on can help you through adversity. Not only can they provide a listening ear, but they can also provide guidance and a new perspective.

Join local small business groups so you get to know those in your community so you can enjoy the benefits of face-to-face networking. Partner with other companies for cross-promotion. Spend time supporting others. Building your network will improve your well-being now and during times of uncertainty.

#4 – Have a Backup Plan

Be fully committed to your current strategy, but always consider what you’ll do if something unexpected happens or things don’t work out how you thought they would. Those backup plans can give you a head start on recovery.

Developing a mindset where you habitually think through the possibilities and how you’ll respond can even help you think outside the box when brainstorming how best to serve your customers.

#5 – Come Back Better Following Hard Times

You might not face a major business disaster, but you will undoubtedly encounter conflict and disappointments along your journey. When a minor issue threatens your good mood, resolve to use the problem as a catalyst for improvement.

When you’re in the habit of turning the bad into good, you’ll know how to handle more significant setbacks. Your mindset has a lot of power in your business. So keep it positive and be willing to grow with every struggle.

About Author

Melanie Musson, a published insurance expert, is the fourth generation in her family to work in the insurance industry. Over the past two decades, she has gained in-depth knowledge of state-specific insurance laws and how insurance fits into every person’s life, from budgets to coverage levels. She specializes in autonomous technology, real estate, home security, consumer analyses, investing, digital security, and business finance.

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