If you’re worried about what 2023 might throw at your business, you’re not alone. While you can’t predict the future, you can prepare for it. The last three years have been nothing short of eventful; rather than wondering how long this can go on, business owners must be prepared for anything. 

Even so-called experts are frequently unaware of what is in the works. Being resilient in business does not imply having a crystal ball; rather, it entails accepting that anything can happen and being prepared to respond to change.

Many of 2023’s trends are focused on how business owners can stay resilient and find ways to thrive, building on the lessons learnt in 2022 and during the pandemic. They also show how the UK’s changing entrepreneurial landscape is being driven by a broad range of economic, social, technological, ethical and environmental factors.

To help prepare for the future, it’s helpful for businesses to understand how and why there is a correlation between technology adoption and resiliency in business. To survive and thrive in 2023, you need to ensure your business gives significantly more value than the cost, and make that no-brainer value proposition the cornerstone of your offering. Buyers do not simply disappear during a recession; they simply become more selective about what they buy and from whom they buy it, so knowing as much as possible about your customers, their pain points, and how you can give them what they want is more important than ever.

Where people buy and the way that people pay for things continues to change fast. However, this is an area where many businesses are often playing catch-up. Being slow to adopt can put your business at a disadvantage. Technology is important for their survival and eight in ten say they depend on digital tools to start, survive and grow.

Resilience is primarily an attitude; it is about avoiding complacency, being prepared for anything, and positively accepting change. A business that anticipates change is not caught off guard when it occurs. You are better able to respond quickly and be agile in the face of new challenges if you reduce the shock. Businesses that survive storms do not try to resume operations as usual; instead, they adapt to new realities and seek out new opportunities. 

So how can you build resilience in your business?

Financial risk is without a doubt the most serious threat. In good or bad times, every business must understand its margins and prioritise cash flow. Diversification is beneficial. Rather than putting all of your eggs in one basket, aim to create multiple revenue streams.

Your people are critical to your business’s resilience in the face of the most difficult challenges. Employees in a resilient business work toward a common goal, collaborate effectively, and solve problems collaboratively. Individuals are encouraged to contribute ideas, and any setbacks or mistakes are viewed as opportunities to learn. 

Resilient businesses also prioritise employee well-being; when employees feel supported and appreciated, they are more likely to rally round and pull together in difficult times. Your own well-being as a business owner is also important; if you and your team are physically and mentally strong, you will be able to handle anything. 

After all, anything is possible.