Dealing with Uncertain Times
In the business world, the only thing that is certain is that every business faces uncertainty! This has never been so true in 2022. Few companies have control over future events like price fluctuations, market crashes or recessions. And nobody saw the complete change of working practices, or worse, closure during the pandemic hitting businesses so hard.
The real challenge with uncertainty and recovering from the last two years is to not throw in the towel at the first hurdle. As business owners we need to re-evaluate and continue to believe in our businesses, even when we can’t see the immediate way ahead.
Eyes on the horizon
Facing uncertainty while climbing out of paralysis of the past can seem almost too much to bear, but at this point in your business there are two options you might like to consider:
- You started your business and set goals for a reason! Keep them in mind and stay calm and focused on working towards achieving what you set out to do.
- Be aware of when you get caught up spending too much time working in, rather than on, your business. It’s beneficial (in fact I’d go so far as to say it’s crucial) to dedicate time at least every quarter to take a step back and look at the bigger picture of where your business is going, and what new opportunities are out there for it. This wider view of work is an important part of the business leader’s role and will help you work out what’s important to you.
Keep the ship steady with your business values
The core principles and values of your business are the anchor that keeps the ship steady. In uncertain times they can be put to the test and pushed to the limits but it’s crucial you stick to them. When you don’t know what to do, they will always steer you to the right decision.
Keep them fresh and relevant by asking yourself:
- How often do you discuss the principles and values of your business with your team?
- Do you ensure that all new team members are aware of what the principles and values are?
- Do you check in with existing members periodically to remind them too?
Your businesses principles and values need to be obvious to your customers as well. In a crowded, fast-moving, and noisy market place, your values are one of the things that will help you stand out.
Be open and honest with the team as you sail through uncertain waters
During these uncertain times, being open and honest with your team about what is possible and what isn’t is extremely important. When uncertainty hits, people can sense it and in a business environment if things are being hidden, it only fuels the fire of uncertainty for everyone. When you lay the facts out clearly, you give your team the opportunity to work with you to grow your business or build it back up after a tough few years. Together you can find solutions that might not have otherwise been thought of.
Take care of your customers.
One of the things that can make or break any business, at any time, is poor customer service. No matter how great your product or service is, or how honest and ethical the principles and values of your business are, if you don’t look after your customers, they will move on. Remember to be honest with them too. Your business might have only started to reopen, or you’ve had to restructure to take into account new working practices. Telling your customers about your improvements will only convince them you are looking after them.
Don’t leave this to the rumour-mill. If your customer service is lacking, word will spread! Remember people talk, (and even more freely now with social media), so keep your customers informed of your changes and look after them as you restructure.
I’m sure at some time you’ve experienced a business that’s gone above and beyond to provide a first-class customer experience for you. It’s businesses like this that stay in peoples’ minds and are freely recommend far and wide. Recommendations are like gold dust for every business, so think if there’s anything you can introduce or freshen up with your customer experience to put your business back on track.
Ask for Help
Above all else though, in uncertain times don’t go it alone – look around for the help you need and don’t be afraid to ask for it. Here at Grant-Jones we’re always thinking of ways that we can help our customers at every stage of their business growth, so we’re delighted to offer you our Top Tips and Ideas for Business Growth book. Simply sign up here to get your copy.
