Why do I need a business resilience strategy?
There’s been a range of unprecedented disruptions to the world of business over the past few years.
Many organisations in the region had solid business models, with their products and services reaching the right markets. Then Covid-19 arrived and upended the very things these businesses found stability in.
All of a sudden, established, larger businesses had to stop and wonder, “what next?”
It became an analysis of changing consumer behaviours, editing products and services, meeting new and emerging needs…the whole landscape of business changed.
The war in Ukraine has only exacerbated matters, particularly when it comes to the already frail supply chain. 47 percent of global business leaders say a lack of supply chain transparency is their top concern at the moment.
Anticipate change and meet your customers’ needs
The need for a business resilience strategy, then, is great, particularly if you wish to negotiate these hurdles.
A lack of innovation can cause even the best businesses to go bust.
Blockbuster, BlackBerry, Nokia and Kodak are just some examples of established global brands that failed to innovate in time.
They may have had business resilience strategies, but perhaps they were not robust enough or they did not use enough foresight. This is why it is vital that you look to have a strong foundation in place that meets emerging needs and expectations.
A business resilience strategy is about action. It’s about making decisions that will help you to develop services, products and methods that proactively meet your customers’ needs.
A recent article from Gallup identified four ways of building business resilience:
- Reimagine your customer experience
- Refresh your leadership
- Reshape your culture
- Reignite your workforce.
It requires a fresh look at all elements of your business. It may take time, but the benefits will be paramount. It’ll help you to achieve a strategic advantage over your competitors as you will anticipate change and adapt accordingly.
What is innovation in business and how can it help?
If you’re a business in the West Midlands, building those blocks of resilience are vital.
Business conditions in the West Midlands do not make for good reading. Companies in the region are facing a reduction in new orders and acute price pressures.
There is also a significant fall in new work intakes at West Midlands companies. This has been caused by rising energy costs and troubles in financial markets.
With businesses facing low employment rates, low productivity and high costs, the time is right to consider different ways of working. Businesses need to revaluate, cut back and see how innovation can support efficiency.
Many senior leaders ask ‘what is innovation in business’ but never really get to the answer. Sometimes, organisations obsess over thinking innovation just means creating new products, but it can involve the day-to-day running of a business.
Businesses can change their organisational culture, adapt the way they communicate with their target market or change how they get their products in the hands of their customers.
Boosting your business resilience strategy with globally renowned course
Innovation isn’t easy and it won’t happen overnight. Many business leaders feel that they do not have the time or support to make such sweeping changes.
However, it’s vital that a more agile and proactive approach is introduced to deal with an ever-changing environment. Innovation is one of the key components of business resilience.
One organisation that can support is the Institute of Innovation and Knowledge Exchange, otherwise known as the IKE Institute.
The Institute is globally acclaimed and comprises of representatives from world-leading organisations, including Rolls-Royce, GSK, Balfour Beatty Vinci and the BBC.
Birmingham City University is accredited by the IKE Institute and can offer you the chance to learn the skills applied by some of the world’s most forward-thinking businesses.
Our set of practical training programmes and workshops will help businesses to create new strategies, products and ways of thinking, all of which are essential to move through these tough and unpredictable times.
As we look to become the innovation institute for the West Midlands, we want to work with businesses to scale up their ambitions but also diversify and look for more efficient ways of working.
Want to build your business resilience strategy? Find out more about our accredited courses in innovation.