Uncertain times could be around the corner. No matter what your business, how big or small, at some point in your journey you will be subjected to uncertain times, it's inevitable. For the most, uncertain times equate to problems, disaster and sacrifice. However, if steered correctly, your company can not only stay afloat, but even take control of certain opportunities. Unforeseeable events may range from factors such as the Brexit or Trump's voting results, the Covid19 crisis, even demonstrations or civil war. At times the political upheaval is unavoidable and the implications can be devastating for your business. Additionally, natural disasters, economic slumps and a multitude of other factors can cause drastic periods of instability and uncertainty for businesses. You have two choices: firstly, you can wait around for economic turbulence to calm and try riding it out. Or, secondly, be prepared, be knowledgeable and arm yourself with the necessary tools to withstand and even take advantage of threats to your company.
"Calm seas never made a good sailor,"- Franklin D. Roosevelt. Be the great pioneer of your business.
All Hands on Deck - Surviving Uncertain Times
At Cedar Rose, we like to take the second option and prepare for the storm. Take on board the tips and tricks that may save your business through the roughest of periods. So what preparations can you take to survive uncertain intervals?
- Keep Up-to-Date: The ever-changing economic forecast may become problematic, so stay informed with latest trends and the overall state of the economy. For if you "Know your enemy and know yourself, you can fight a hundred battles without disaster,"- Sun Tzu. However, not only do you need to keep current with the economic state but, also, your team needs to be informed and involved. As a company, you will be facing downturns and uncertain times together.
- Mass Misery: This may sound negative; however it is a positive concept. In times of misery, it will be beneficial to share the burden amongst others. Furthermore, as a team, you do not only become closer, but you can deliberate ideas and discuss solutions. The shared responsibility can motivate workers and show an appreciation of their capabilities, without a strong team, surviving uncertain times may demonstrate heightened difficulties.
- Loyalties: Your long-term and loyal customers are your lifelines. The clientele that is with you through thick and thin must be addressed; they can be the saviour or the downfall of your company. Make sure that you have sterling customer service, especially through periods of uncertainty.
- Business Plan: Pre-emptive tactics such as regularly adhering to your business plan may pave the way for a successful adventure, past the storm. Paying special attention to your cash flow and revisiting your business plan with key employees may prove to be pivotal. Moreover, keep an eye on your credit. Usually, a high percentage of sales are on credit, which in uncertain times, correlates with a greater risk. Take the necessary steps to manage accounts receivables and invoices. Importantly, make sure that your cash flow is secure enough to survive any unforeseeable events that may occur.
These aforementioned elements may just keep your company afloat during uncertain times. Remember, "Tough times don`t last, but tough people do,"
- Robert Schuller
. It is possible to go the extra mile and not only stay afloat during uncertain periods but take advantage of the situation.
The Silver Lining - Benefiting from Uncertain Times
During sticky situations it is standard to cut back on marketing, to sell cheap and to, overall, reduce exposure. Yet, if this is the norm, to increase your marketing in uncertain times would be to take a step ahead of your competition. Enhance your visibility, no matter the weather and, essentially, market your way through the storm. Your company can shine in the long-term if it is the sole provider when competition quietens. Henceforward, you will be building new and strong relationships and establishing trust, which can help with future periods of uncertainty. Additionally, with many companies rapidly selling during economic misfortune, it may provide opportunities to invest in other markets. When tough times inevitably come to an end, your company may be in a stronger position than before.
has had its fair share of economic troubles and not only soldiered through them but became more aware and secure for any future mishaps. It is inescapable that you will face uncertain spells while conducting business. However, it is possible to traverse through difficult times and come out on top. These tips may be the advice you need to steam through an economic downturn. So keep informed, keep up-to-date and keep ahead of adverse economic circumstances.
*** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. *** Sourced image: Pixabay