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"The pandemic doesn't present a single set of consistent challenges," Danielle told us. "It is an evolving set of challenges that requires constant reevaluation and adaptation. We don't build resilience by finding a strategy that works and bunkering down. We build resilience by viewing the industry as being in a constant state of flux, and always being ready for the next test."
We asked Avenue 21 to give us some of their top tips for preparing for these kinds of unpredictable events.
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Supply Chain Redundancy
A key thing we can do is make sure that any resources we need for our product chain have backup sources. Resource and component shortages destroyed manufacturing businesses when the pandemic hit. Having many suppliers and sources for materials is important. Also keeping materials and resources on hand. We should never assume that our perfect supply chain will remain perfect forever.
Your business has more than one type of resource. The most important one is people. The pandemic saw one of the biggest surges in people leaving their jobs for decades. Difficult times will test the loyalty of your employees. Are you developing them to be partners and stakeholders in your business? Or are you treating them as replaceable? When tough times hit, people who don't feel valued will reevaluate their position. Make them as invested in the company as you are.
Don't Fear Innovation
It may seem frightening to change things around in your business in an uncertain time. But in reality, this is the best time to innovate and adapt. In times of relative stability, people tend to be less open to new strategies. Why change it if it works? But when the industry is in a state of turmoil, the atmosphere has a new sense of openness. People are more willing to experiment, and so this may be the time to showcase a new way of doing things.
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