The rapid development of Information Technology (IT) and its application have changed the way of conducting business and the way we look at the world. Under the wave of IT, there has been a lot of improvement in the efficiency and productivity of businesses.
Globalization has resulted in a highly competitive business environment and the rapid evolution of various technologies including Artificial Intelligence (AI), cloud computing, Machine Learning (ML), and technology to handle large volumes of data and many more.
The fresh emerging technologies and platforms are offering various opportunities for businesses to stay ahead in this competitive world and gain a strategic business advantage while also obliterating the old ones. Startups need to work on new plans and maintain flexibility to deliver products and services that satisfies customer needs and expectation.
Optimism and Resilience: powerful tools for Business Growth
Although Optimism is an individual trait, it can also be considered as a key characteristic of organizational culture. In an individual point of view, optimism is a characteristic of positive thinking but from a business point of view, having a culture of optimism is a powerful indicator of business success.
Having a culture of optimism in an organization means that employees have a positive attitude towards their employment and future of the company which leads to higher productivity. Optimism can also be associated with achieving career objectives, developing resilience, high levels of career planning, and the ability to bounce back from difficult situations.
Tips to develop an organization culture with optimism
- Consider having and maintaining an open, positive and transparent communication within the company and let the team members understand all the positive and negative aspects of what is happening within the organization.
- Try to develop an innovative culture by encouraging every employee or each team member to come up with ideas to improve products or services or even business process.
- Shift the organizations focus from failure vs success to an ongoing learning company while implementing reflections from projects and understanding what can be done differently next time by identifying areas of problems.
- Companies can consider shifting focus from hiring new employees to perform highly technical tasks to build and develop a team with both hard and soft skills to complement each other and reward teamwork and collaborations.
- Businesses can surround employees with leaders that complement their soft skills and knowledge and helps balance their emotions on cognitive basis.
- Businesses should always acknowledge and celebrate success rather than always focusing on what is going wrong.
Organizations consist of people with different ways of thinking, perspectives, ethics, culture, and decision-making. Therefore, companies need to focus on developing a unique set of templates, programs, and tools that can successfully be implemented in startups. Optimism helps businesses and employees to explore ways on how to transform business positively.
Strategies to build Business Resilience
Resilience is a characteristic or ability to withstand and bounce back from difficult and complicated situations. It is a key strategy that helps employees to tackle stress, workplace conflicts, competitive environment and address the challenges they are facing at the workplace.
Business resilience strategies address sustainability challenges while taking into account the ways in which the world is changing around us and create management approaches that ensure in achieving sustainable business goals.
Steps to develop Resilient strategies for business:
- Identify what makes your business resilient by including technical and business factors.
- Use a pro-active approach and set up real-time monitoring and alert systems which help in measuring performance and security stance and identify issues.
- Determine ways to measure your factors and build appropriate metrics into key performance indicators.
- Build technology alliances that will protect your confidential data and enable you to collaborate in an effective way.
- Always make your decisions based on the available reliable data.
- Establish procedures to evaluate innovations in your technology and determine if those work well for your business and how to adapt them.
- Practice realistic and regular testing of continuity plans of your business and always have recovery plans that will be helpful during unanticipated situations.
- Consider refreshing your business leadership development plan and reinforce the core leadership values.
Startup companies need to balance their business needs by setting expectations and building morale of employees taking the well-being of employees into consideration. With pandemic situations, even remotely working companies are finding new ways to connect and support their employees who are working from home.
Business resilience is the ability of organizations to quickly adapt to disruptions while maintaining overall brand equity and business operations. It is often referred to as business continuity planning and begins with an understanding of preserving workflows to survive unexpected events faced by organizations while optimism can be a powerful tool in overcoming adversities faced at the workplace. Therefore optimism and Resilience play a crucial role in business growth and success.