Sergey Dmitriev, CEO of Unusual Concepts, emphasizes the importance of resilience in businesses, especially during times of disruption like the Covid-19 pandemic. Companies that are able to adapt quickly to changing conditions and seize new opportunities are the ones that survive and thrive. Resilient companies respond effectively to market changes and customer needs, but they must keep three key guidelines in mind.
Firstly, increasing customer value is essential for businesses to thrive. Staying close to customers, understanding their changing needs, and gathering feedback through methods like focus interviews and customer journey mapping are crucial. Companies can then turn this feedback into actionable ideas and test them with select groups of customers to ensure they are meeting their needs effectively.
Secondly, reducing transaction costs is important for resilient organizations. By critically examining internal processes and workflows that underlie customer touchpoints, businesses can identify and eliminate inefficiencies that do not add value for customers. Streamlining or eliminating internal processes that do not benefit customers while maintaining those essential for operations is key for businesses looking to improve their resilience.
Dmitriev also emphasizes the importance of redistributing decision-making power within organizations. Instead of relying on a rigid hierarchical structure where directions come from the top, empowering frontline employees who interact directly with customers can lead to quicker responses to changing circumstances. By distributing decision-making power throughout the organization, companies can adapt more effectively to changes and ensure long-term sustainability.
Forbes Business Council, the foremost growth and networking organization for business owners and leaders, provides opportunities for business owners and leaders to connect, grow their businesses, and stay informed about industry trends. Membership in the council can help business leaders access valuable resources and connections to support the growth and resilience of their companies. Business owners can apply for membership to the Forbes Business Council to see if they qualify for this exclusive networking and growth opportunity.
