September 14, 2020

What’s Needed in Difficult Times

Resilience:  The ability to recover from setbacks, adapt well to change and keep going in the face of adversity.

Americans have always had a love affair with the underdog. The person who overcomes impossible odds to conquer the unbeatable foe. It’s the stuff movie scripts are made of. It’s also the stuff successful businesses are made of. They find ways to manage the vagaries of business cycles (or pandemics). They overcome obstacles. They are resilient.

 Business Resilience:  The ability of an organization to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people, assets, and overall brand equity.

To say the resilience of small businesses is being tested is an understatement of magnitude. One recent survey reports that nearly 7.5 million small businesses are at risk of closing their doors if the coronavirus persists over the next several months. . The country lost 20,000 businesses, large and small, during the Great Depression. No amount of federal assistance will keep a far greater number of small businesses from being swamped by the Covid-19 tsunami.

The survivors will be the ones who demonstrate resilience based upon sound business practices followed well-before the virus struck. Our research points to ten performance metrics will continue to do so in the future. Here are four of those ten metrics:

  1. The greatest percentage of revenue coming from MORE THAN one or two clients or customers.
  2. Continuous innovation
  3. Ongoing financial planning
  4. A well-articulated branding strategy and value proposition

The ten metrics compromise the muscle of business resilience. Unfortunately, it’s probably too late for many small businesses to start building this muscle. It’s akin to trying to salvage the furniture when the house is on fire. But for those businesses that have paid attention to these metrics (we might even call them fundamentals), they will prove themselves the underdogs of the today but the heroes of tomorrow.

To see how your company stacks up against these metrics  – take our Resilience Quotient Quiz.

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About RobinAnn Bienemann
I come across as classy, sassy and pretty in pink even as the CEO and Founder of Crimson Rook, LLC. For 30 years I served in executive positions in manufacturing and technical fields and did it wearing 4” heals with a flowered briefcase! Here’s what I do: I specialize in helping businesses become scalable, sustainable and transferable. I know what distinguishes successful companies from those that struggle – it’s my gift of sorts. My accomplishments include being one of the first women to run manufacturing operations in Silicon Valley, serving as Senior Vice-President at Blue Arc, a $60M computer storage company in San Jose, CA. I serve as the Entrepreneur in Residence for the University of Connecticut’s Schools of Business and Engineering and as a board member of a regional non-profit supporting sustainable agriculture and economic development. As CEO of Crimson Rook, I have been a strategic advisor to more than forty companies over the years and have now taken that talent and expertise to the Mastermind & Peer Group world with the launch of the Family Business Cooperative - a year long program designed for Academia - helping them launch Family Business Programs. I am a creative and effective meddler I’ve done this in the affairs of business and academia and have created alliances in both public and private companies and government that span domestic and international borders. I am a bicoastal grandparent with the affectionate title of Grammie Bubbles. My skills beyond business include chemistry in the creative spirits department and singlehandedly providing the color pink its most deserved recognition. I have received my BA from Springfield College and Masters of Science from MIT’s Sloan School of Management as a Sloan Fellow. The title of my Master’s thesis was “Entreprenurial Redeployment in Large Organizations.”

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