Crisis and volatility are not typically words used to define good fortune. However, in some instances, these characteristics are actually criteria for growth and opportunity. Business entities across all industries have the unique ability to use crises to their advantage. Corporations and small business entrepreneurs who can adapt to changing times give hope to their employees, their customers, and their business partners.
Volatility in the marketplace is not uncommon and is even to be expected, especially among the more aggressive investment options. As the old adage indicates, greater reward requires greater risk. The opportunities that come with rewards may present themselves during volatile market phases. They can benefit business activities in several ways, and savvy leaders know how to remain fluid in the face of volatility. Two of the most resourceful benefits are resiliency and business continuity.
Resistance and Resilience
In the face of great challenges, business leaders tend to react in one of two ways. Some draw a line in the sand and resist the change. Others see the challenge as a path toward growth and development. Those who are willing to move forward and power through a struggle are more likely to develop and advance their business initiatives. Progressive thinkers understand that stretching physical muscles creates strength, endurance, and resiliency. Business principles work in much the same way and even create muscle memory, which makes it easier to identify and quickly work through future challenges.
Business Continuity Plans
Businesses facing a political, social, or economic crisis can use the challenge as an opportunity to review and update their business continuity plans. Strategic planning initiatives generally create a succession plan and a vague business continuity outline, hoping they will never have to be put in place. These plans become invaluable in the face of crisis and help leaders prioritize immediate needs for survival and viability. These contingency plans offer a guided path to avoid internal conflict during a global or industry-wide challenge. Uncertain times create chaos and emotional decisions which can negatively impact a business. Having a plan in place before a crisis arises will ensure successful navigation through the tough times.