Can your business stand a test? Can it maintain its toughness in any situation? As a business owner, you know where you stand. With proper planning and preparation, you can take steps to make your small business more resilient should calamity strike.
Challenges that commonly impact businesses are never one-and-done. The Covid-19 crisis exposed stark differences in the fortunes of different small and medium-sized businesses.
While the overall shock has been severe for Micro businesses, some have survived and even thrived. It is not too late for others to adopt the practices that enabled those enterprises to thrive in such a volatile environment.
As a small or medium-sized business owner, One way to work through is to implement proper models that can help you make your business more resilient and more likely to succeed, whatever the crisis is or whenever it comes.
There is likely to be more economic turbulence ahead, whether as a result of future pandemic waves or other factors. Here are a few lessons that small and medium-sized business leaders can learn from companies that were successful during the crisis.
Agility and Innovation, two very important skills to make your small business more resilient
Agility: Agility has been key to success, or even survival, during the pandemic. However, in the previous major upheaval, high-performing businesses exhibited stability and resilience: If history is any indication of the future, the answer is twofold. First, plan your post-pandemic strategy with future crises in mind. Even if Covid-19’s volatility caught you off guard, don’t let it happen again the next time a shock hits. Find an operating model, for example, that will allow you to quickly scale the business up and down.
Innovation: Expand your organization’s capacity for innovation. In the midst of what economists call “creative destruction,” this is a company’s only source of long-term advantage. External collaborations are especially important for establishing a competitive advantage in innovation. Staying close to the experiences of customers, engaging with suppliers, empowering employees, and joining local business networks are all powerful sources of new, practical ideas and support.
Apply for PROTECT Resilience Grants.
Grant programs have been established to assist businesses and nonprofits in various states facing economic challenges. Good examples of resilience boost grant programs include SMALL BUSINESS RESILIENCY GRANT, Small Business Readiness for Resiliency Program, and many more.
We always bring you current and upcoming grant programs in our grant life articles so you can apply to them. Today’s article will focus on one of the ongoing grant funding opportunities, the Small Business Readiness for Resiliency Program. The U.S. Chamber of Commerce Foundation and FedEx have teamed up to create this Small Business Readiness for Resiliency (R4R) Program to help small businesses put plans in place to prepare for disaster and also provide immediate emergency funding when necessary.
More than 100 grants of $5,000 each have been available and are being distributed from May 2022 until June 2023. Application materials can be found on the U.S. Chamber’s webpage. Click the link and submit your applications.
Sign up for the Clever Doris Plan for early info about upcoming grants, and talk to a coach about what’s best suited for you.
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