In her keynote at Amsterdam Business Forum, Maryna Saprykina, CEO of CSR Ukraine and founder of Ukrainian Women Entrepreneurs, shared valuable insights on resilience in the face of adversity. These five key components of extreme resilience will make your business stronger.
Maryna's components empower you to make well-informed decisions, take actions aligned with your values, and provide support to your employees during challenging times. This is because, as emphasized by Maryna, every business should have a resilience strategy, regardless of whether it operates in a turbulent period or in relatively peaceful times.
In times of crisis, speed is your ally. It can make the difference between success and failure. How quickly can you assess, decide and act when faced with external shocks?
Just test it. All you have to do is ask a key decision-maker to go on a week-long retreat and observe how the team then makes decisions. It enhances self-awareness. And that will help you navigate turbulent waters more effectively.
Go beyond the profit motive, and establish a substantial, meaningful purpose for your company. Think about challenges you have in your region, and how your company could address them. It will not only provide motivation, but also make you more resilient.
For example, look at Vesna, a Ukrainian herbal cosmetics company, which shifted its focus to support Ukrainian soldiers during the war. Their commitment to contribute to the country's victory is a good example of the power of an important cause beyond financial gain.
Make sure your company's actions are consistent with your values. Trust and ethical behavior are vital to your organization's resilience.
For example, the Ukrainian job site Work UA developed a sanctioned list featuring 200 companies that are still in Russia and refused to keep on working with them. And although this decision is also about giving up a substantial revenue up to $500,000 per year, it's also a commitment to values.
Prioritize the mental health and well-being of your employees and their families. A healthy workforce is essential for resilience and productivity. Create dedicated psychology departments, conduct workshops for managers to address mental health issues, and even install nurseries in your offices.
By addressing mental health in a comprehensive way, your organization can foster trust between employees, reduce depression, and establish itself as a caring employer.
Alright, here's one final resilience strategy for you: provide excellent customer service. Satisfied customers are more likely to support your business during tough times. So follow your customers through good times and bad. It's a path to resilience, innovation, and competitiveness.
Maryna is one of the most prominent female business leaders in her country. She is CEO of CSR Ukraine, Founder of the Ukrainian Women Entrepreneurs Hub and an advisor to the United Nations Development Program.