Respond to adverse events for business success
The ability of a business to survive and prosper depends as much on its resilience to adverse events as on its growth prospects in benign conditions, argues Morgen Witzel.
A year and a bit into the pandemic, with lockdown restrictions easing for what we hope – but probably should not expect – to be the final time, it is probably a good moment to assess some of the lessons we have learned from the crisis. For some businesses the pandemic has been a golden opportunity, while for others it has been an existential crisis. It is tempting to think that success has been the reward for flexibility, resilience and hard work. Those businesses that were able to ‘pivot’; those that have not done so will continue to struggle and in some cases are already going out of business.