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In an era 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 employees’ well-being overnight.
Over the years, I’ve guided my company through the challenges of numerous real-world events that were not only complex but often unpredictable.
From this, I’ve developed a skill all entrepreneurs must embrace: the ability to steer through crises. This ability often paves the way for innovation and stronger relationships while driving the business forward.
So, here are some tips I’ve learned from years of experience navigating real-world challenges — strategies that have helped my company, ButterflyMX, not only survive but thrive in uncertain times.
Related: 10 Strategies for Businesses to Navigate and Thrive in Times of Crisis
Understand the full scope of disruptions
First, you must understand the full scope and impact of the events affecting your company. In other words, look beyond the immediate effects on your company to assess the broader implications for your industry, customers and employees.
For instance, during the Covid-19 pandemic, the sudden shift to remote work had ripple effects that extended beyond workplace logistics, influencing everything from employee productivity to customer engagement.
At ButterflyMX, we transitioned to a fully remote workforce, a change that initially seemed challenging but ultimately brought significant benefits. Going remote lets us tap into a wider talent pool, increase team flexibility and reduce overhead costs.
That said, it’s essential for a leader to prioritize staying informed. The more you know about the situation and its effects on the world and your organization, the better decisions you can make to positively impact your business’s long-term success.
Build resilience through agility
You wouldn’t be an entrepreneur if you continued down the same path as others before you. As the world throws new challenges at your company, it’s up to you to deliver innovative solutions that go against the grain.
Whether it’s rethinking your product offerings or investing in new technologies, the companies that thrive during setbacks are the ones that are agile problem-solvers. Consider how evolving market conditions might open new doors for opportunity and innovation that push you toward a solution.
For example, if government sanctions disrupt your supply chain, the immediate challenge is finding a new supplier for a critical component. However, by viewing this as an opportunity, you may discover a new partner who not only meets your needs but also offers a superior product. This shift allows you to enhance your offerings and introduce new features, ultimately delivering greater value to your customers.
Related: 5 Ways Strong Leaders Navigate Uncertainty with Agility and Empathy
Build a resilient workforce
A resilient workforce is essential for overcoming the obstacles presented by global events. To acquire such a team, start by prioritizing employees. Global events can significantly impact mental health and work-life balance, and some employees may be directly affected by or involved in these events.
My company employs hundreds of people worldwide, including in regions experiencing conflict. In response, we focus on providing robust 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, health insurance and paid time off.
By prioritizing the needs of your employees and fostering a supportive environment, you can enhance your team’s ability to remain resilient and effective amidst global challenges.
Stay true to your core values
Regardless of the disruptions you’re in the process of overcoming, your company’s core values should act as a guiding compass. After all, your company’s values give you direction no matter what type of change occurs.
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 a first-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 the demands of our customers while staying true to our values.
Focusing on your core values addresses immediate concerns while strengthening the trust customers and employees have in your company.
Related: Holding True to Your Values Is an Essential Decision-Making Metric
Don’t resist collaboration
As an entrepreneur, it’s easy to feel the pressure to make every decision and find solutions on your own. However, collaboration is vital to tackling the challenges of globalization. You don’t have to be the only person trying to solve the issue. Go to your employees, investors and third-party partners to get their ideas and brainstorm potential solutions.
Entrepreneurs won’t always have all the answers, especially when dealing with unpredictable and far-reaching issues like economic downturns or political disruptions. This is where collaboration comes in. By gathering insights and ideas from a diverse group of stakeholders, you gain access to different perspectives that can reveal solutions you may not have considered.
I’ve always pushed collaboration at ButterflyMX to address challenges when developing products, scaling the company and doing anything else. Fostering 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, they also present opportunities for improvement and growth. By applying the strategies outlined above, you can effectively weather these storms and emerge stronger, poised to thrive in an ever-changing landscape.