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At a time when unprecedented events are the norm, businesses must be ready to adapt. Real-world events – be it a global pandemic, economic recession, geopolitical unrest or war – can disrupt operations, supply chains, customer expectations and employee wellbeing overnight.
Over the years, I have led my company through the challenges of numerous real-world events that were not only complex but often unpredictable.
From this, I developed a skill that every entrepreneur must have: the ability to overcome crises. This skill often paves the way for innovation and stronger relationships and drives the business forward.
Here are some tips I've learned from years of dealing with real-world challenges – strategies that have helped my company, ButterflyMX, not just survive but thrive in uncertain times.
Related topics: 10 strategies for companies to overcome times of crisis and be successful
Understand the full extent of disruption
First, you need to understand the full scope and impact of events affecting your business. In other words, look beyond the immediate impact on your business and assess the broader consequences for your industry, your customers and your employees.
During the Covid-19 pandemic, for example, the sudden shift to remote work had implications that went beyond workplace logistics, affecting everything from employee productivity to customer engagement.
At ButterflyMX, we have transitioned to a fully remote workforce, a change that seemed challenging at first but ultimately brought significant benefits. Remote work allows us to tap into a larger talent pool, increase team flexibility, and reduce overhead costs.
Still, it's essential for a leader to stay informed. The more you know about the situation and its impact on the world and your business, the better decisions you can make that will positively impact the long-term success of your company.
Build resilience through agility
You wouldn't be an entrepreneur if you continued down the same path as others before you. As the world presents new challenges to your business, it's up to you to deliver innovative solutions that go against the grain.
Whether it's rethinking your product offering or investing in new technology, the companies that thrive during setbacks are those that are agile problem solvers. Consider how changing market conditions can open new doors to opportunities and innovations that lead you to a solution.
For example, if government sanctions disrupt your supply chain, the immediate challenge is finding a new supplier for a critical component. But if you look at this as an opportunity, you may find a new partner that not only meets your needs but also offers a better product. This change will allow you to improve your offering and introduce new features, ultimately providing greater value to your customers.
Related: 5 Ways Strong Leaders Tackle Uncertainty with Agility and Empathy
Build a resilient workforce
A resilient workforce is essential to overcome the obstacles that global events bring. To build such a team, start by prioritizing employees. Global events can have a significant impact on mental health and work-life balance, and some employees may be directly affected or involved in these events.
My company employs hundreds of people around the world, including in conflict-affected regions. In response, we are focused on providing robust support systems to ensure our team members have access to resources that address their mental health and wellbeing. This includes flexible work arrangements, regular check-ins, health insurance, and paid leave.
By prioritizing your employees' needs and creating a supportive environment, you can strengthen your team's ability to remain resilient and effective in the face of global challenges.
Stay true to your core values
No matter what changes you are facing, your company's core values should serve as a compass to guide you. Ultimately, your company's values will guide you no matter what kind of change occurs.
For example, one of our core values at ButterflyMX is “The customer always comes first.” During the disruptions caused by the Covid-19 pandemic, we were challenged to deliver a best-in-class customer service experience as a remote team. In response to these challenges, we quickly adopted new technologies and expanded our customer support team to ensure we could meet our customers' needs while staying true to our values.
Focusing on your core values will solve immediate problems while building customer and employee trust in your company.
Related topics: Staying true to your values is an essential measure of decision making
Do not reject cooperation
As an entrepreneur, it's easy to feel pressured to make every decision and find every solution on your own. However, to overcome the challenges of globalization, collaboration is essential. You don't have to be the only one trying to solve the problem. Talk to your employees, investors and external partners to hear their ideas and work together to develop possible solutions.
Entrepreneurs don't always have all the answers, especially when it comes to unpredictable and wide-ranging problems like economic downturns or political unrest. That's where collaboration comes in. By gathering insights and ideas from a diverse group of stakeholders, you gain access to different perspectives that can show you solutions you may not have thought of.
I have always driven collaboration at ButterflyMX to overcome challenges in product development, scaling the company, and everything else. Fostering an environment that encourages brainstorming and open dialogue has made us what we are today.
Adaptability and resilience are key to navigating the complexity of real-world events. Global disruptions can push any business to its limits, but they also present opportunities for improvement and growth. By applying the strategies outlined above, you can effectively weather these storms and emerge stronger to thrive in an ever-changing landscape.
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