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21 Nov 2023

How do I strengthen my company?

It appears from Keuke’s statistics from the last 12 months that companies in the present situation need help especially with strengthening their business activities and with strategy sparring. So a business owner may wonder about the present state of the company, if the company will get along in the future and if the business is managed correctly.  

Resilience, i.e. the ability to adapt, get along and do well in difficult or unfavourable conditions, is crucial to the success of a company in a rapidly changing business environment. Resilience does not mean merely getting over difficulties, but also learning from them and growing. 

Why is it important for a company to adapt to changes? 

Formerly, it was usual for economic ups and downs to occur at seven-year intervals, but nowadays there is no such rule any more. The market fluctuates rapidly, and crises bring many kinds of uncertainty. 

It is important to recognize and control risks to be able to prepare for unexpected situations, including natural disasters or global crises.

By preparing and anticipating, you create competitive advantage for your company. When the company has models for various changing situations, you can react quickly and make prompt decisions, and in this way you will succeed in keeping your customers. You may even succeed in acquiring more customers, if your competitors are less prepared than you are. 

Here is how to strengthen your company and its resilience: 

  1. Diversify your business. It is good for a company to distribute risks by diversifying its operations. For example, by expanding the business to different markets or diversifying the product range you can reduce exposure to changes within one area or one product. Most distribution channels (web and corner shops) increase their diversity.
     
     
  2. Make use of technology: Digitization offers many ways of getting more resilience. The use of cloud services, telework and effective information systems can help a company to remain flexible and operational in different situations. Technology also brings competitive advantage to production processes and services.
     
     
  3. Build partnerships: Strong partnerships with other companies are worth more than gold when times are hard. You can for example reduce disturbances in business activities and funds by diversifying the delivery chain and choosing reliable suppliers.
     
     
  4. Stick to good workers: Resilience is not merely one of the company’s structural qualities, it is also one of the staff’s resources. By investing in staff education, supporting the workers’ well-being and creating an open and confidential atmosphere, the company improves its ability to get over difficulties.

Strengthening of resilience is a continuous process. It requires an open mind to new possibilities, flexibility and continuous learning as well as readiness to revise the company’s strategy and working methods rapidly in preparation for a change. The result is a stronger and more competitive company.

 
 
 

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Keski-Uudenmaan Kehittämiskeskus Oy

Business Development Centre Ltd. Helsinki Region North
Puuvalonaukio 2D, 2. krs, 04200 Kerava

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