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Dealing with Uncertainty

9th April 2019

Next steps for Growth - Part 2

In the business world, the only thing that is certain is that every business faces uncertainty! As a business owner you have no control over future events like price fluctuations, market crashes, recessions and (the current word on everyone’s lips) Brexit – frustrating but true!

The real challenge with uncertainty is to not throw in the towel at the first hurdle, and keep on going and believing in your business, even when you can’t see the immediate way ahead.

Eyes on the horizon

In the face of uncertainty there are two options you might like to consider – and paralysis isn’t one of them!

 

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1.   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.

2.   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.

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 stick with them - your business may start to sink without them!

Ask 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 from the crowd.

Be open and honest with the team as you sail through uncertain waters

During uncertain times, being open and honest with your team about what you do and don’t know is extremely important. When uncertainty hits people can sense it and in a business environment if things are being hidden, it only fuels the uncertainty for everyone. When you lay the facts out clearly, you give your team the opportunity to work with you and find solutions that might not have otherwise been thought of.

Take care of your customers.

 

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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, in the end they will move on to the next business that offers the same product or service but with all the extra value trimmings!

Remember people talk, (and even more freely now with social media), so if your customer service is shoddy, then word will spread!

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 have a think if there’s anything you can introduce or freshen up with your customer experience, that will put your business front and centre in the recommendation line?

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, and we’ve teamed up with a small army of accountants across the UK to formalise a 9-step best practice called the Performance, Measurement and Improvement System (PMI).

If you’re ready to create an action plan that jet-propels your business to success, click the link to arrange your free PMI consultation.

 

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