The term ‘resilience’ was widely used during the COVID-19 pandemic. It means the ability of people and organizations to adapt to changing circumstances and to face various disruptions and crises. Resilience also means the ability to overcome and recover from crises, even emerge stronger after a crisis.

In the business world, we talk about business resilience. During the COVID-19 crisis, some businesses fared better than others – why?

– Some businesses were more agile in the way they spotted and implemented new distribution channels and other ways to provide services, for example. The more versatile the expertise in a business and the more services it provides to different target groups, the more solid its foundation will be, says Keuke CEO Elina Pekkarinen.

– A good example of this is the hybrid of online and physical shops. This solution ensures that your sales will not fall down to zero even if one of your channels is literally closed.

Resilience is also in high demand in the rapidly changing business environment. You can no longer manage with one single business model for years, but you need to adapt and evolve along the way.

– Continuous development is essential these days. But the biggest winners are the ones who do not simply modify and upgrade what they already have, but succeed in solving the same need in a brand-new, disruptive way, says Pekkarinen.

How to make your business stronger

Preparation is important. In normal circumstances, this means financial preparedness and building a financial cushion, but identifying various risks is also a part of preparation.

– You can prepare for the future and the changes it will bring by imagining different scenarios. This work begins by considering the risk scenarios that affect your business, for example in terms of labour, the supply chain or the availability of components. You then think about ways to minimize these risks, says Pekkarinen.

In addition to preparedness, you should work on your strategic thinking and look towards the future with an open mind.

– Every business should have a strategy to guide their actions and put them into words. It is easier to recognize and understand the threats and opportunities of your business with an expert from outside the business.

– The experts at Keuke also make sure that entrepreneurs put down their work gloves from time to time and pause to consider their business and its development.  

How can we help you make your business stronger? Book a free consultation. Let’s consider scenarios together and build a strategy for the future. Every day is a good reason to develop!