BCG research has found that 15% of companies outperform their industry in more than 80% of crises. Berkshire Hathaway, for example, outperformed its peers in 15 out of the last 17 turbulent periods.

This consistent outperformance is possible because these companies built resilience. Instead of relying on ad hoc measures, hedges against specific scenarios, or the surge performance of individuals, they’ve built the capabilities that enable them to thrive through adversity. In other words, they’ve institutionalized resilience.

As the pandemic marks a third anniversary, business leaders around the world are eager to move on. But few companies have systematically institutionalized what they’ve learned from their Covid-19 experience. We suggest a three-step approach to do so.

Step One: Evaluate

The first step is to review empirically how well you performed during the Covid-19 crisis. Your assessment should include the following elements:

Review your competitive performance.

While financial and operational metrics, such as factory utilization or product availability, are important factors to review, an often-overlooked aspect of performance is how you fared competitively. Compare your company’s sales, profitability, and total shareholder return (TSR) against those of your competitors.