When change happens would you be caught napping or well prepared? In Nigeria today, we have seen rise in inflation rates, prices of good and services are skyrocketing everyone within the social ladder is feeling burnt of the economy. Businesses are looking for help, aid and intervention but for your business what do you seek?

Change in the economic climate can come unexpectedly, posing significant challenges for businesses. From fluctuations in consumer spending to shifts in market demand, introduction of new monetary policy, government regulations, etc., businesses must be prepared to adapt swiftly to survive and thrive. This requires having the right structures, systems, people and strategies in place to weather the storm and emerge stronger on the other side.

So how do you get prepared?

⁠ ⁠1. Be Ready for Change: The first step in building resilience is acknowledging the inevitability of change and being prepared to embrace it. Businesses must cultivate a mindset that welcomes change as an opportunity for growth and innovation rather than a threat to stability. This readiness mindset lays the foundation for proactive decision-making.

2.⁠ ⁠Implement Flexible Systems: Having flexible and adaptable systems in place is crucial for navigating uncertain economic times or change. One such system for retail businesses is SelPay, a versatile point-of-sale platform that enables businesses to streamline operations, optimize sales, and respond quickly to market changes. By leveraging technology, businesses can enhance efficiency, minimise costs, and stay agile in a rapidly evolving landscape. You can check out other technological solutions that work for your business or it industry. Still, one piece of advice before we move on, avoid systems that are rigid and do not encourage expansion or integration with other solutions.

3.⁠ ⁠Foster Agility in the Workforce: Building an agile workforce is essential for responding effectively to change. It is one thing to have agile systems and another to have an agile workforce as they go hand in hand. This involves empowering employees with the skills, knowledge, and tools they need to pivot quickly and adapt to new challenges. By fostering a culture of innovation, collaboration, and continuous learning, businesses can cultivate a resilient workforce capable of thriving in uncertain times.

Navigating economic uncertainty requires a proactive approach to building business resilience. By being ready for change, implementing flexible systems and fostering agility in the workforce, businesses can adapt and thrive in turbulent times. While challenges may arise, businesses that prioritise preparedness and flexibility will emerge stronger and more resilient in the face of change.