As the world has been in turbulence for the last few years, it has been clear that these events have hit hard on several industries. We have seen big tech layoffs, increasing inflation, material prices going sky-high, and big geopolitical uncertainty. In most cases, it has not been an easy time to be an entrepreneur.
To overcome these obstacles, companies need to find new ways to smooth out the bumps in the road, to learn to be resilient. Our member of the board, Olli-Pekka Lumijärvi, Ph.D. with his colleagues Olga Nissen, Ph.D., and Alexandra Oborina, D.Sc. did a great study on winners in the COVID-19 crisis: Strategies for Sudden Shock - Market Rewards Good Performance Also During Tough Times
A resilient company succeeds. Keep the long-term strategy as an overall direction and adapt actions based on changes in the market drivers.
Growth and improvement pockets exist even during tough times. Improving revenue, profit, and market cap simultaneously is challenging. Re-evaluate your business model – consider your company’s ecosystem including partners, competitors, and suppliers. A quick way to improve your company's performance is to optimize costs. Assess your options with a data-driven AI approach and utilize historical and predicted benchmarks.
Resilience in action
Adapt, re-evaluate, optimize. Easier said than done. Where to invest when resources are tight that will generate the biggest impact on your business? Well, we say, it's your people, your talent, and your biggest assets in making things happen. We approach this with Priorit.io in three simple ways:
- Analyze: Know where you are standing. Is your capability, efficiency, leadership, and culture aligned with your goals and strategy? Know where to start improving with little steps for a big impact. You have to be honest and be able to analyze and share the current situation. To let people tell what works and don't work. To have data-driven facts and not just a gut feeling.
- Activate: Ok, now you have the data on the situation, but what now? Now it's time to get your talent to be even more involved. Share and ask. One of the points to involving your talent is to get insights into problems and prioritize the things that matter to them the most. To commit them to development and improvements. Not just sprinkle know-how from the corner office.
- Accelerate: For last, lead and measure. Select the things that have the biggest impact with the least amount of resources; don't try to make huge leaps at once. Small things can have a big impact in the long run. As a leader you have to see and lead the change; make sure that everyone is committed to change. And of course, lastly measure and monitor the impact, making adjustments if necessary.
We are building Priorit.io for companies to have a sustainable business and to have people as their leading indicator of success. Customers and money are the outcomes of the great work that happens under the hood. To have tools in an ever-changing world for adapting, re-evaluating, and optimizing. We hope that soon after we have released our service you can find tools for smoothing out the bumps in the road for a successful future.
