Business Resilience: A Strategy for Thriving in the Face of Adversity
By: Kim Polley, Managing Partner UK & Ireland | Senior Emerging Markets Advisor, Instinctif Partners
Resilience is more than just a concept; it’s a multifaceted strategy encompassing collaboration, innovation, governance, leadership, and adaptability. As recent global events have shown, unexpected crises can emerge without warning, disrupting even the most established organisations. However, with the right strategies in place, companies can not only endure storms but emerge stronger.
Collaboration: The Ties that Bind
Collaboration isn’t a luxury; it’s a necessity in the corporate world. The essence of collaboration lies in the synergy of a team where diverse ideas converge, leading to innovative solutions and a robust culture. Effective collaboration involves open communication, adaptability, empathy, and a shared commitment to common goals.
As leaders, fostering a collaborative environment means encouraging teamwork and rewarding collective achievements, thereby building trust and resilience within the organisation.
Innovation: The Engine of Change
Innovation is the lifeblood of resilience, enabling businesses to stay relevant and competitive. It encompasses both internal creativity and adaptation to external changes, acting as a catalyst, sparking inventive solutions and powering progress.
Organisations must nurture a culture of innovation, which means investing in their people, leveraging data for strategic insights, and maintaining a balance between core operations and new ventures. The role of leadership in advocating and rewarding creativity cannot be overstated, as it drives the company forward in both stable and turbulent times.
Governance, Risk Management, and Ethics: The Resilience Triad
Resilience is deeply rooted in the interplay of governance, risk management, and ethics. Good governance provides the structural backbone of an organisation, while effective risk management acts as a proactive watchtower. Integrating ethics into these domains elevates the company’s resilience by ensuring decisions are not only legally compliant but also socially responsible. This triad is essential in building financial stability, comprehensive risk strategies, agile decision-making, and maintaining a strong reputation.
Leadership: The Resilient Captain
The role of leadership in resilience cannot be understated. Leaders like Siya Kolisi, who led the Springboks to a Rugby World Cup victory in 2019 and 2024, exemplify how effective leadership can inspire teams through challenging times. Key leadership qualities include clear communication, composure under pressure, decisiveness, empathy, adaptability, and accountability. Leaders should act as role models, embodying the change they wish to see and fostering an environment of trust and resilience.
Good leaders are not afraid to change the way things are always done and do not hide behind the ‘if it ain’t broke don’t fix it’ mentality, but rather respond to changing environments providing their people with clarity, purpose and incentives. The Springboks are the only team who brought their families on tour with them, and they attribute their mental resilience and ability to overcome against extreme adversity down to knowing who and what they were fighting for.
Adaptability: The Art of Pivoting
Adaptability is the cornerstone of resilience in a constantly evolving business environment. It involves a willingness to embrace change, innovate, and make data-driven decisions. However, adaptability faces internal challenges like resistance to change and external factors like regulatory shifts. Effective leadership is crucial in promoting adaptability, encouraging a culture where change is seen as an opportunity rather than a threat.
An ability that refused to adapt to a changing market is in danger of obsolescence. Resilience requires adaptability in order to capitalise on new opportunities. Netflix evolved from DVDs to streaming, while Zoom seized the remote work trend. Without adaptability, even giants can falter. Just ask Skype.
The Role of Communication
Throughout these elements, the common thread is communication. Clear, authentic, and truthful communication is essential in every aspect of resilience. It builds trust, aligns teams, clarifies goals, and ensures that everyone is on the same page during times of change. Without effective communication, even the best strategies can falter.
Balancing short and long-term goals is tricky but essential. As seen in Siya Kolisi’s leadership of the Springboks to Rugby World Cup victory, quick wins uplift spirits while building lasting resilience cements future progress.
The Path Ahead
To cultivate resilience in your organisation, consider these best practices:
- Foster a culture of collaboration and open communication.
- Continuously invest in innovation and encourage creative thinking.
- Integrate ethics into governance and risk management.
- Develop leadership qualities that inspire and motivate your team.
- Embrace adaptability and prepare for change.
And, remember, resilience is not a static state but a dynamic process. It requires ongoing effort, a willingness to adapt, and a commitment to open and honest communication. While turbulent times can seem daunting, seeing them as opportunities to strengthen your organisation is empowering.
The time to act is now. Build your resilience blueprint. Surround yourself with the right people and skills. Commit to staying agile and embracing change. With vision and determination, your organisation can navigate uncertainty today and dominate tomorrow.
Kim Polley
Kim is a disciplined, creative and energetic advocacy, corporate affairs and ESG professional, with a career spanning multiple markets in UK, Europe and Africa, with international experience in business, government, civil society and education. She is an accomplished business unit leader, reputation strategist, CEO advisor and development / sustainability specialist and commentator. Kim believes that ESG disclosure, sustainability and corporate performance are linked, and works with clients to secure the alignment of their in-market operations with stakeholder expectations, assisting them in identifying partnerships and building alliances that support their ambitions. Building inclusive economies that consider the needs of all stakeholders, no matter where they sit in the value chain, is critical not only to securing sustainable development, but organizational sustainability too. Intrinsic to her mindset is a focus on facilitating collaboration between public and private sector to foster impactful investments and economic development in line with the global shared value principles.
