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In an era where unprecedented events are the norm, businesses have to be prepared to adapt. Real-world events—whether a global pandemic, economic recession, geopolitical unrest, or war—can disrupt operations, supply chains, customer expectations, and worker well-being overnight.
Over the years, I have helped my company address the challenges of many real-world events that weren’t only complex, but often unpredictable.
Through this, I developed a skill that every one entrepreneurs must have: the ability to navigate through crises. This skill often paves the way for innovation and stronger relationships, while driving the business forward.
Here are some suggestions I’ve learned from years of experience dealing with real-world challenges—strategies that have helped my business, ButterflyMXnot only survive, but also thrive in uncertain times.
Understand the full scope of disruptions
First, you would like to understand the full scope and impact of the events affecting your business. In other words, look beyond the immediate effects on your business to assess the broader implications for your industry, customers, and employees.
For example, during the COVID-19 pandemic, the sudden shift to distant work had a knock-on effect that prolonged beyond workplace logistics, impacting all the pieces from worker productivity to customer engagement.
At ButterflyMX, we’ve transitioned to a fully distant workforce, a change that originally seemed daunting but ultimately has yielded significant advantages. The move to distant work allows us to leverage a broader range of talent, increase team flexibility, and reduce overhead.
That said, it’s vital as a leader to prioritize staying informed. The more you know about a situation and its impact on the world and your organization, the higher decisions you’ll be able to make to positively impact your company’s long-term success.
Build resilience through agility
You would not be an entrepreneur if you followed the same path as others before you. As the world challenges your business, it’s up to you to deliver revolutionary solutions that go against the grain.
Whether it’s rethinking your product offering or investing in latest technology, the firms that thrive in adversity are the ones that are agile problem solvers. Consider how changing market conditions can open latest doors of opportunity and innovation that may propel you toward a solution.
For example, if government sanctions disrupt your supply chain, the immediate challenge is finding a latest supplier for a key component. However, by viewing this as an opportunity, you might discover a latest partner who not only meets your needs but also offers a higher product. This change allows you to improve your offering and introduce latest features, ultimately delivering more value to your customers.
Build a resilient workforce
A resilient workforce is essential to overcoming the obstacles posed by global events. To build one, start by prioritizing your employees. Global events can significantly impact mental health and work-life balance, and some employees could also be directly affected by or involved in these events.
My company employs a whole lot of individuals around the world, including in conflict-affected regions. In response, we are focused on providing strong support systems to ensure our team members have access to resources that address their mental health and well-being. This includes flexible work arrangements, regular check-ins, medical insurance, and paid day without work.
By prioritizing worker needs and creating a supportive environment, you’ll be able to increase your team’s resilience and effectiveness in the face of world challenges.
Stay true to your core values
No matter what disruption you’re trying to overcome, your company’s core values should act as a compass. After all, your company values provide you with direction regardless of what sort of change comes your way.
For example, at ButterflyMX, one of our core values is “Customer First, Always.” During the disruptions caused by the Covid-19 pandemic, we faced challenges in providing top-notch customer support as a distant team. In response, we quickly implemented latest technologies and expanded our customer support team to ensure we could meet our customers’ needs while staying true to our values.
Focusing on core values allows you to solve current problems while strengthening the trust of your customers and employees in your company.
Don’t resist cooperation
As an entrepreneur, it’s easy to feel pressured to make every decision and find solutions on your own. But collaboration is essential to meeting the challenges of globalization. You don’t have to be the only one trying to solve a problem. Reach out to your employees, investors, and external partners to get their ideas and brainstorm potential solutions.
Entrepreneurs won’t all the time have all the answers, especially when it comes to unpredictable and far-reaching problems like economic crises or political disruptions. That’s where collaboration comes in. By gathering insights and ideas from a diverse group of stakeholders, you gain access to different perspectives that may reveal solutions you might not have considered.
I have all the time championed collaboration at ButterflyMX to overcome challenges in product development, scaling, and anything. Creating an environment where brainstorming and open dialogue are encouraged has made us who we are today.
Adaptability and resilience are key to navigating the complexities of real-world events. While global disruptions can test the limits of any business, additionally they create opportunities to improve and grow. By applying the strategies outlined above, you’ll be able to successfully weather these storms and emerge stronger, ready to thrive in an ever-changing landscape.