Pre-Deal Preparation

Due to economic difficulties brought on by the pandemic, many businesses have shut down since 2020. But when forecasts were released discussing a post-pandemic recovery in the global economy, many other business owners became optimistic and set high targets for 2022. Yet, despite the initial signs of business recovery, many were unprepared for the challenges they’ve seen this year, including lingering supply chain constraints, exorbitant energy prices and a looming recession. Here are five ways to help your business recover and thrive as we move forward in these trying times.

According to Merriam-Webster, grit is the “firmness of mind or spirit; unyielding courage in the face of hardship or danger.” This character trait is a must-have for every business owner in today’s business landscape.

I believe snack manufacturer Hostess shows us how this characteristic could help turn a business around. In 2012, the company filed for bankruptcy and shut down for good, according to the New York Times. Despite this, Apollo Global Management and C. Dean Metropoulos of Metropoulos & Company acquired Hostess Brands in 2013 and began rebuilding the company. They succeeded, and the company was acquired in less than four years in a deal estimated to be worth $2.3 billion. Metropoulos and Apollo earned 13 times their investment, the Times also reported.

All businesses go through trying and difficult periods. It’s in these times that leaders must step up and choose to embody grit over succumbing to fear. Sometimes you’ll have to rebuild through the mess or let go of your pride and seek outside help. Have a clear vision about where you want your business to be and commit to achieving that, no matter the circumstances.

Without a solid strategy and definitive action plan, even the grittiest businesses could not survive and thrive. A key aspect of business recovery is creating a solid strategy with actionable steps to turn things around. This starts with a clear vision, defined objectives and realistic targets. Once you’ve defined your goals, develop a feasible strategy with applicable actions and work toward them.

Remain transparent and align managers with your objectives so that all teams in the company work toward the same goals. Keep in mind that success doesn’t happen overnight, and little steps make a massive impact over time.

The best business decisions are made when you try to understand how your customers feel about the product or service you deliver—and you adapt accordingly.

For example, when the pandemic came about, FedEx appeared to understand the problems its different customer bases were facing, as the company implemented programs to support customers. One such program included discounts for small businesses and resources for dealing with the pandemic.

Actions like these can not only help a business earn revenue but also support customers. Remember: Your clients are some of your most valuable stakeholders. Dedicate resources to be more engaging with your customers and receive valuable feedback. To start, encourage reviews, and take note of what your customers say online.

In 2016, Google researchers launched Project Aristotle and set out to answer the question: What makes a team effective in Google? The team spent almost three years collecting data on select groups of Google’s employees. They reached the conclusion, “In the best teams, members listen to one another and show sensitivity to feelings and needs,” the New York Times reported. Google has also said there are five dynamics that set successful teams apart: psychological safety, dependability, structure and clarity, the meaning of work and the impact of work.

These five dynamics create a safe and nurturing work environment that produces hardworking teams capable of creating innovative solutions to extraordinary challenges. To build this unity and encourage camaraderie among your own workforce, I suggest encouraging supervisors to create opportunities to build friendly relationships among their team members. This can include mental health check-ins, team lunches and projects that require collaboration among certain individuals.

A strategy, action plan and the passion and perseverance to see your long-term goal to its completion are critical components to overcoming ever-changing business challenges. But self-reflection is just as essential. It helps you learn from mistakes, develop yourself and create a more collaborative work environment for you and your team.

Self-reflection allows you to assess how you impact every aspect of your business. Being self-aware involves noticing how your personal beliefs, opinions and values affect your decision-making and responses in team discussions. Taking account of this helps temper your biases and maintain objectivity. It’s equally valuable to be mindful of the way your words and actions affect your team. Observe how others react when you speak, and, when possible, ask your team members about the best ways to communicate with them.

Most importantly, be accountable for your findings based on your self-awareness exercises and how you may contribute to the problem in team activities. Make a conscious effort to correct and improve how you react to better the team’s outcome in discussions and activities. Creating a safe and nurturing environment allows your people to flourish and shine, providing you with the best ideas and performance crucial to regaining balance and success for your company.

While it’s a volatile time to be a business leader, there are things you can do to help your business succeed. Commit to managing your business in a holistic way, and you’ll be able to face any unfavorable incident that arises.