Business in Colorado • May 2021 • Building Business Resilience

Business resilience has always been an important asset—one that has become increasingly vital in the face of the COVID-19 global pandemic.

In its fundamental form, resilience is what allows companies to swiftly adapt when confronted with challenges, misfortunes and change. We have already seen the need for companies to acclimate to the rapid evolution of technology, which has disrupted everything from consumer demand and marketing channels to supply chains and production methods. When you factor in systemic issues such as climate change, globalization and rising inequality, it’s easy to see how the business environment has become increasingly unpredictable, making resilience all the more essential for continued success.

The coronavirus crisis accelerated this trend exponentially. Almost instantaneously, businesses across the world faced an all new set of unforeseen challenges: workers and customers at risk of contracting a dangerous virus, mandated business closures, new and ever-changing regulatory requirements, increased expenditure to maintain publicsafety protocols, a sudden shift to a partial or all-virtual landscape, and reduced visitation and revenue.

How have businesses confronted these challenges? What businesses have thrived— or at the very least, weathered— these dramatic obstacles? And what actionable steps can you take to shift your business into a state of resilience? We looked at businesses across a number of industries and found common traits among their success stories.

STRENGTHEN TWO-WAY COMMUNICATION

• Keep customers updated on changing conditions. Clients and consumers may be concerned about how the pandemic will affect their ability to receive your goods or services, so mitigate concerns by directly addressing these challenges and conveying up-to-date information regarding the situation. This could be via email, social media or another communication channel relevant to your business. If you have additional requirements for clients and customers— such as mask mandates, reduced capacities and other visitation restrictions—be sure to outline those up front to manage expectations and eliminate surprises at the point of service.

• Increase customer engagement. Show the humanness of your business by giving behind-the-scenes insight on what your team is doing to address challenges, as well as additional measures you’re taking in response to the pandemic, such as new protocols to keep customers safe. Express gratitude for your customers’ business and support, and respond to feedback to improve the customer experience during this time of upheaval.

• Connect with team members. With many workplaces shifting to a partial or allvirtual environment, increased communication may be necessary for ensuring a smooth transition. Meet regularly to track progress and solve challenges, and establish expectations regarding online communication. Additionally, address concerns and issues with transparency, even if a solution is still in the works.

FOCUS ON STRENGTHS

• Emphasize customer service. Customer service is always important, but with added inconveniences, reduced product and service offerings and dramatically altered consumer experiences, your clients and customers likely aren’t getting the full experience they are accustomed to—but they are still paying full price. This makes it all the more important to prioritize highquality customer service at every point of interaction. Show gratitude and warmth to your customers—many of whom are also dealing with pandemic-related life challenges—to keep your business top of mind as a positive, welcoming place during and post-pandemic.

• Put values first. Some business coaches call this your it. Author and motivational speaker Simon Sinek calls it your why. No matter what you call it, it’s essentially your purpose, passion and set of core beliefs. Sinek says, “When a company clearly communicates their WHY—what they believe— and we believe what they believe, then we will sometimes go to extraordinary lengths to include those products or brands in our lives.” If you haven’t yet defined your company’s values, now is a great time to start.

ADJUST OFFERINGS

• What does your business do best? When efficiencies must be made throughout the company, some products or services must be put on hold. Define what your business does best and prioritize those offerings.

• Where can you meet market demand? Sometimes businesses have to shift priorities based on restrictions or regulations, as was the case with restaurants moving to takeout offerings. Many food and beverage destinations identified what they did best—whether it was hand-cut pastas or intricately made craft cocktails—and they altered their best offerings to suit the take-out climate: with familystyle meals, large-format batch cocktails that have been pre-shaken or stirred for the perfect dilution ratio, and supplemental grocery items such as gourmet Italian cheeses, house-made sauces and DIY meal kits that align with the restaurant’s brand and dining experience.

EXPAND ONLINE PRESENCE

• Increase functionality of digital storefronts. This not only increases the ability for continuation of sales and revenue streams in the event of mandated shutdowns, but it also caters to the evolving purchase behaviors of consumers who have become accustomed to online shopping. Investments made in this area will likely continue to pay off post-pandemic.

• Add communication methods. With more businesses moving to partial or all-virtual environments, alternative contact methods— whether email, chat or through social media—allow for customers to communicate with businesses online, particularly as physical locations are closed with phone lines left unattended.

• Add virtual components. Look for opportunities to create online aspects and experiences, such as yoga studios and concert venues transforming their in-person events to livestream experiences and museums and attractions offering virtual tours and supplemental activities to enjoy at home.

GET CREATIVE

• Think like your competitor. Brainstorm with a competitive mindset. For example, if Amazon were to take over your company, what immediate changes would they make? What efficiencies would they discover? Where would they cut unnecessary costs? And how would they streamline your process for the most revenue and least expenditure? Their approach might not be the right approach for your business, but sometimes it takes brainstorming with a competitive approach to reveal effective solutions.

• Be open to new ideas. Encourage team members— regardless of hierarchy or department—to share ideas and solutions. Set up a survey link or a dedicated email address for submissions, and be open to expanding or refining solutions as they come in. Often times, employees performing the daily functions and nitty-gritty tasks can spot inefficiencies and suggest solutions that higher-ups can’t see. When every team member is empowered with the ability and responsibility to make the business better, each person can contribute to the company’s success story.

TAP INTO COMMUNITY RESOURCES

• Stay up to date on industry information. Many small businesses aren’t aware of the breadth of resources available through their local chamber of commerce, but offerings can include programs and assets such as educational workshops, directories and networking opportunities with fellow business owners, assistance with applying for and receiving grant money, and timely articles outlining local business trends and community solutions.

• Get involved in your chamber of commerce. In response to the COVID-19 pandemic, chambers of commerce around the state have launched numerous efforts to assist in the preservation of local businesses and community economies. The Steamboat Springs Chamber developed 14 specialized industry work groups to convene monthly for the development of solutions specific to each industry. In northern El Paso County, the Tri- Lakes Chamber of Commerce assisted in the facilitation and distribution of CARES Act grant funds. Seven Colorado chambers of commerce joined forces to establish the Save Small Business Coalition—which has since aligned with more than 200 chambers and business associations nationwide—and lobbied Congress about state and local financial aid, business liability protections and funding for workforce development programming. Contact your local chamber of commerce to see what resources might be available for your business.

RESILIENCY IN ACTION:

As the COVID-19 global pandemic unfolded, the Arvada Chamber of Commerce proactively developed an educational workshop to help local businesses create adaptive approaches for building resiliency. Through this program, these businesses and organizations not only gained valuable tools and strategies, but they also built a stronger community network for collaboration during these unforeseen challenges. This feature article was inspired by some of their key takeaways, and below are a few additional insights by participants.

“…the capacity to keep functioning through turbulence by transparent communication, great planning, new programs and fundraising by empowering others to lead in new ways.” – Kimberly Rouland, The Arvada Center for the Arts and Humanities

“…the ability to recover quickly, remain tough and grounded during crisis and intelligently using resources to use challenges to grow.” – Kathryn Seehusen, Colorado Home Realty

“…attracting continual growth while focusing on retention and client support through communication, education and community outreach.” – Mollie Giligan, Payroll Vault

“…our marketing plan! Develop a marketing plan sensitive to the current climate, anchored in our vision statement, transparent to our community, and built in conjunction with our Rocks.” – Angela Baber, Jeffco Schools Foundation

Business in Colorado - May 2021

Building Business Resilience