- Small and midsize businesses can often face greater challenges than larger companies in facing challenges such as those brought on by the COVID-19 pandemic
- However, the resiliency and agility enjoyed by these companies can also help them adapt to crises
- Tips on how businesses can improve their adaptability in facing new challenges
Summary by Dirk Langeveld
It’s been a tough couple of years for businesses, with as the shutdowns caused by the COVID-19 pandemic have been followed by numerous other challenges like labor shortages, supply chain disruptions, and rising inflation.
Small and midsize businesses may seem to be in a less advantageous position to cope with such prolonged headwinds, since they are more limited in their staff and financial resources. Yet a recent article in Entrepreneur by Steve Arizpe, president and COO of human resources and business performance consulting company Insperity, suggests that smaller companies have more agility and resilience, allowing them to quickly pivot to adapt to such crises.
Arizpe also offers tips on improving your company’s adaptability, including evaluating your company foundation to make sure it can support such changes; evaluating and updating your business plans, including identifying growth opportunities and soliciting feedback from employees; committing to long-term strategies instead of wavering on policies; and building rapport with employees and encouraging them to offer innovative solutions.
The full article is available here.