How to Adapt for Change and Challenge BY KAMI WELCH, ARVADA CHAMBER OF COMMERCE Business planning BUILDING BUSINESS RESILIENCE ever-changing regulatory requirements, increased expenditure to maintain public-safety 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. 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 8 Business in Colorado Magazine 2021 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 Communication TOP TO BOTTOM: VAKSMANV; FIZKES (ALL ADOBE STOCK)
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