Edition Two
2023: The year of resilience
Scott Dodds, Ultima CEO
When we talk about business resilience or think of resilient businesses, what springs to mind? Is it the IT infrastructure? Is it financial flexibility? Or is it something altogether different? Our opinion is: all of the above.
In recent times, we’ve clearly seen how resilience can be a foundation for business success. Those who quickly developed a backbone of resilience in 2020 were able to weather the perfect storm that was whipped up by the pandemic – and those who couldn’t adapt quick enough were unfortunately swept away in the tide of change.
Today, we’re facing a new storm. This time, it’s powered by turbulent market conditions and economic uncertainty. Resilience is required yet again. But is it something that needs to be called upon, or should it be an ever-present, ongoing measure of success no matter what happens in the future? We’d advise the latter.
What makes a business tough?
Resilient IT infrastructure is imperative. Global cyber-attacks increased by 38% in 2022, compared to 2021 – with the UK seeing a massive 77% rise1. How well would your business cope if disaster struck, whether it was deliberate or accidental? At the very least, you’ll need a solid and practical disaster recovery plan.
Financial resilience is also vital, especially when faced with the prospect of global downturn. That’s why inflation and global economics (along with geopolitical tensions) are top of mind for most CEOs today2. It’s critical to consider your liquidity and develop the ability to pivot appropriately.
However, while all these factors are important, what’s perhaps more powerful is to understand what makes a business resilient by its very nature. To this end, I believe the businesses that consistently reflect the attributes of a resilient person are the ones that are inherently resilient themselves.
Resilience: a key to success
Resilience is a critical aspect of both personal and business success. A resilient person is someone who can adapt to change, bounce back from setbacks and persevere through adversity. In the same way, a resilient business is one that can withstand the ups and downs of the market, withstand the impact of adverse events and continue to thrive. In fact, we can draw many meaningful comparisons:
Adaptability
One of the key attributes of a resilient person is adaptability. A resilient person is able to adjust to new circumstances and find ways to succeed in the face of change. A resilient business, similarly, must be able to adapt to changing market conditions and find ways to remain competitive. This means being flexible, innovative, and open to new ideas.
Mental toughness
Another important characteristic is mental toughness. A resilient person is able to maintain a positive attitude and maintain their focus, even in the face of adversity. A resilient business must also possess the strength to persevere through tough times. This requires having a defined vision, a clear strategy, and the determination to keep going despite the challenges.
Emotional intelligence
A resilient person can manage their emotions, stay calm in stressful situations and maintain a positive outlook. A resilient business must do the same in order to understand and respond to the emotional needs of its customers, employees and stakeholders. This requires effective communication, empathy and the ability to build relationships
Problem-solving skills
A resilient person is also known for their problem-solving skills. They can identify problems, analyse the situation and find creative solutions. A resilient business must use the same skill to address challenges quickly and effectively as they arise. This can only be achieved with a culture of innovation, continuous improvement and a commitment to finding solutions.
Strength from within
By cultivating the qualities listed above, both individuals and businesses can thrive. Companies that prioritise resilience outperform their peers by up to 30%3. And those with a robust business continuity plan in place are more likely to recover from a disruptive event in a shorter amount of time and with less impact on their operations4.
There’s more. Companies that invest in resilience programs have a lower employee turnover rate, higher levels of employee engagement and improved bottom-line performance5.
Meanwhile, it’s documented that resilient companies are better equipped to manage risk and uncertainty, leading to higher levels of innovation and better customer engagement6.
We see success ourselves at Ultima when we enable resilience in our people. We strengthen collectively as a result. Self-confidence, optimism, flexibility, responsibility, patience, communication and teamwork are just some of the qualities we encourage and foster within our services capability – because we’ve experienced that when a collective of people display resilience, our service offering reflects the same values.
Of course, however, resilience cannot simply dictate that you must ‘be resilient’. You can tell a person to act a certain way, but it only really works by promoting and nurturing the human skills and attitudes that make them so. The results are worth it. Feedback suggests that our customers feel more secure, efficient, profitable and, ultimately, happier.
The virtuous circle
The benefits don’t stop there. With our unique approach to resilience, we’ve experienced what we would call a ‘virtuous circle’, whereby our customers are more engaged and, in turn, reflect the attributes of a resilient person back into our services teams. It’s fascinating. And it’s powerful.
This is why, at Ultima, resilience is far more than just a strategy or functional process: it’s an essential and dynamic thread within our culture. It makes our leadership stronger, our people tougher, and it creates resilience within our customers either directly or indirectly too.
Intrigued? Make 2023 your year of resilience and see the benefits for yourself.
1https://blog.checkpoint.com/2023/01/05/38-increase-in-2022-global-cyberattacks/
2https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/economic-conditions-outlook-2022
3 Harvard Business Review
4 Business Continuity Institute
5 Institute of Management
6 Deloitte