Have you ever known a person or company that seemed to be able to handle anything? No matter what happens they seem to be able to take things in stride, maintain a positive attitude and keep moving forward.
This is the essence of resilience. Resilience refers to the ability to push through or “persevere” through difficult experiences or setbacks. Being resilient is essential for success as we work through daily challenges in our businesses and throughout our lives.
Studies on resilience have found that it is a skill that can be learned. Just like mathematics or languages, resilience comes very naturally for some while others have to work to develop this skill. Many people (and companies) can increase their resilience by following the tips below:
Be optimistic and realistic: Being overly optimistic or pessimistic can be a problem. When someone is both optimistic and realistic, they understand that things will not always happen the way they would like. In the long run, if they work hard and do the right thing, they will succeed. Pay attention to your daily thoughts and feelings, and focus on the positive. Remember that things may not work out every time, but they will work out over time.
Cultivate positive relationships: The way you treat others matters. People who weather challenges well, often have the support of family and friends, and they have taken time to strengthen and maintain their personal relationships. These are the people who go out of their way to build positive relationships with their neighbors, co-workers and others. Similarly, companies that maintain positive relationships with their customers by providing outstanding value to their customers will be the survivors (and thrivers) in a down market environment.
Manage stress: Individuals who are resilient make a conscious effort to be positive, to remain calm, and to be proactive, focused, flexible and organized. Resilient businesses will be those who plan ahead (particularly for cash flow) and sharply focus their efforts on providing value to their customers (i.e., don’t waste time on anything that doesn’t provide value).
Maintain good health: It’s no surprise that when you are healthy you are more able to deal with life’s challenges. Resilient people tend to follow a healthy lifestyle and pay attention to nutrition, sleep, and exercise. Businesses can sustain their “health” by tightly managing cash flow and maintaining critical assets such as equipment, employees (competitive benefits and training), and reputation.
Developing resilience will help you and your company persevere and even thrive through the current price environment.