Dealing with Uncertainty in Your Business
“As you become comfortable with uncertainty, infinite possibilities open up in your life. It means fear is no longer a dominant factor in what you do and no longer prevents you from taking action to initiate change” (Eckhart Tolle).
A level of uncertainty is always present in a business. Uncertainty can be related to the economy, staff or even the weather. It has been almost a year since Hurricane Irma ravaged our shores and affected many of our businesses. As the anniversary of this storm approaches it is natural to feel some uncertainty about the future. However, while we pray for a safe and uneventful hurricane season, there are a number of things businesses can do to help cope in a healthy way with uncertainty.
1) Focus on what you can control
Be present. Accept where you are currently and focus on what is within your control. We cannot control the weather, for example, but we can control whether or not we have hurricane shutters or insurance.
2) Be informed
Ensure you have a good understanding of what is currently happening in your business. This includes your financial information such as cash flow, profits etc. Also remain aware of functions like your data storage and back-up policies, and make certain that processes and procedures are being followed so you are not caught unprepared.
3) Do an audit of your processes and procedures and provide training where necessary
Ensure that your business is flowing smoothly and that staff is aware of and doing their job efficiently. In the event that something unexpected happens, it is easier to return to normal functioning when your business already functions like a well-oiled machine.
4) Be alert to what is happening
Pay attention via news, blogs, social media and other media about what is going on in the world. Don’t depend on word of mouth or second hand accounts. If you are aware of customer trends, economic variations, competitor actions, the weather and anything that may affect your business, place yourself in a position to be proactive rather than reactive.
5) Plan for various outcomes
Have a plan A, B and C and adapt it as things change. Have plans for multiple situations and outcomes.
6) Risk is unavoidable so spread it
If you do an audit of your business and you feel that you are very vulnerable in a particular area, try to reduce the risk. This might mean sacrificing space to move to smaller premises inland or exploring and securing multiple suppliers or getting insurance where necessary.
7) Opportunities are everywhere – seize them
Many other businesses will not be proactive or may be indecisive or complacent. Look for opportunities to branch into new areas. Learn from previous situations about what is needed and be prepared to fill gaps.
8) Flexibility is key – Be prepared to take action
In times of uncertainly, businesses that are more agile are more likely to survive and thrive. Rigid policies and procedures, for example, may stop you from responding and reacting when necessary. Be prepared to assess the situation, plan and take action quickly when necessary.
9) Stay Positive. Be mindful of your thoughts
Resist the urge to focus on worst-case scenarios. Focus instead on the positives as this will help you to make better decisions that will help you to plan and prepare in the long run.
10) Ask for help
Just sharing experiences with colleagues, friends and other business persons can be therapeutic. Ask for help and accept help when it is offered. Others have probably gone through similar experiences so learn from others. Self-care is important.
11) Cultivate a reputation for extreme trust
Businesses will have success, failure and everything in between. As long as all stakeholders, including your staff and customers, find you trustworthy, there will always be others around to help you “weather any storm.”
Uncertainty is a certainty when running a business. Use the tips above to help you best navigate and thrive in uncertain environments.
By Shellecia B Johnson
