Weathering the Storm: How to Make Sure Your Business Thrives in Uncertainty
With the likes of Brexit dominating the headlines, there’s been a lot of arguing around whether leaving the EU will be a disaster for businesses across the country or not. Whilst we aren’t here to dictate politics – and we definitely don’t keep a crystal ball to see the future in our stationery cupboard – we can impart a little wisdom on surviving a period of uncertainty as a business.
Keep Resources Aside for a Rainy Day
Uncertain times almost always means that money will somehow be affected, and for businesses this could include their cash flow, or a rise in the cost of their expenditures. For example, some US-based suppliers upped their prices following the referendum result last year to account for discrepancies between the Euro and Pound.
To offset this, it’s time to start planning for a rainy day fund. No, they’re not just for repairing your car or replacing broken shoes: rainy day funds for a business could mean the difference between coming out of uncertainty on the other side or not.
Being rational with money and holding clients to due dates will enable you to continue paying staff and suppliers without relying too heavily on your cash flow. What’s more, it stops you from having to shrink the business and grow it again once the good times roll around again.
Be Prepared for All Eventualities
Saving some money aside is just one example of planning ahead which could see you better navigate choppy waters. It’s worth doing some research at this point around what to expect – whether it’s because of Brexit, or perhaps a disruptor in your industry has changed how you work. Whatever the reason for the future turmoil, look into what it will mean for you and your team.
From here, you’ll be able to create a plan that caters to all potential eventualities, and charts a course for you to steer the business along.
Have the Right Tools
When you find yourself in uncertain times, it pays to have the right tools by your side. That means avoiding off-the-shelf solutions which you can’t be bothered to cancel, and consolidating many apps into one affordable solution.
This is where the likes of a bespoke CRM tool come in handy. The bespoke CRM is built to your business’ needs and built to last. That means fewer apps being paid for every month, and a generous cost saving as a result.
Once positioned at the centre of your business, it will allow your team to remain productive and successful, without breaking the bank. What’s more, it can offer around the clock insights on how the business is faring during these difficult times – an invaluable feature when keeping abreast of the situation is critical.
Be Up-front with Your Staff
Aside from tools and solutions, you also need your team on your side. That means being honest, upfront and open about the situation and how you’ll resolve it together. During times of uncertainty, employees can grow worried that their livelihood is on the line, and it’s up to you to reassure them.
When your team feel secure, you can navigate whatever the future holds with confidence, as a team.
Looking for the tool that will keep your business ahead of its competitors, even in the toughest times? Get in touch with Lunar CRM for a free demo of our bespoke CRM, and see for yourself how it could help you.