The views expressed by the business participants are their own.
In an era where unprecedented events are the norm, businesses must be ready to adapt. Real-world events – be it a global pandemic, recession, civil unrest or war – can disrupt operations, supply chains, customer expectations and employee well-being overnight.
Over the years, I have guided my company through many real-world event challenges that were not only complex but often unpredictable.
In doing so, I developed a skill that all entrepreneurs must embrace: the ability to deal with problems. This ability often paves the way for innovation and strong 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 Succeed in Times of Crisis
Understand the full scope of the disorder
First, you must understand the full scope and impact of events affecting your company. In other words, look beyond the immediate effects on your company to examine the broader implications for your industry, customers and employees.
For example, during the Covid-19 pandemic, the sudden shift to remote work has had negative effects that have gone beyond logistics, impacting everything from employee productivity to customer engagement.
At ButterflyMX, we switched to a full-time remote workforce, a change that initially seemed challenging but ended up bringing significant benefits. Going remote allows us to tap into a wider talent pool, increase team flexibility and reduce overhead costs.
That being said, it is important 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 the long-term success of your business.
Build resilience through agility
You wouldn’t be an entrepreneur if you kept going down the same path as others before you. As the world throws new challenges at your company, it’s up to you to come up with new solutions that go against the grain.
Whether it’s rethinking your product offering or investing in new technology, companies that thrive during a downturn are the problem solvers. Consider how changing market conditions can open new doors of opportunity and innovation that push you to a solution.
For example, if government sanctions disrupt your supply chain, the immediate challenge is to find a new supplier for a critical component. However, by viewing this as an opportunity, you can find a new partner that not only meets your needs but also provides a quality product. This change allows you to improve your offering and introduce new features, ultimately bringing greater value to your customers.
Related: 5 Ways Powerful Leaders Navigate Uncertainty With Intelligence and Sensitivity
Build a strong workforce
A strong workforce is essential to overcoming the obstacles presented by world events. To find such a team, start by putting employees first. Global events can greatly affect 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 zones. As a result, we focus on providing strong support programs to ensure our team members have access to services that address their mental health and well-being. This includes flexible working arrangements, regular check-in, health insurance and paid leave.
By prioritizing the needs of your employees and fostering a supportive environment, you can improve your team’s ability to remain strong and effective amid global challenges.
Stay true to your core values
Regardless of the distractions in the winning plan, your company’s core values should serve as a guiding compass. After all, your company’s values give you direction no matter what kind of change occurs.
For example, at ButterflyMX, one of our core values is “Customer First, Always.” During the disruption caused by the Covid-19 pandemic, we faced challenges in providing first-class customer service as a remote team. In response to these challenges, we quickly adopted new technologies and expanded our customer support team to ensure we can meet our customers’ needs while staying true to our values.
Focusing on your core values quickly addresses concerns while strengthening the trust that customers and employees have in your company.
Related: Being True to Your Values Is a Key Metric for Decision Making
Don’t resist collaboration
As an entrepreneur, it’s easy to feel the pressure to make all the decisions and find solutions on your own. However, cooperation is essential in meeting the challenges of globalization. You don’t have to be the only person trying to solve the problem. Reach out to your employees, investors and third-party partners to get their input and discuss potential solutions.
Entrepreneurs will not always have all the answers, especially when faced with unexpected and far-reaching issues such as economic downturns or political disruptions. This is where collaboration comes in. By gathering information and opinions from a diverse group of stakeholders, you gain access to a variety of perspectives that can reveal solutions you may not have considered.
I’ve been pushing collaboration at ButterflyMX to tackle challenges when developing products, growing the company and doing anything else. Fostering an environment where open discussion and debate is encouraged has made us what 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 using the strategies mentioned above, you can successfully weather these storms and emerge stronger, ready to thrive in an ever-changing environment.
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