Taking back control in times of uncertainty
It’s unsurprising that entrepreneurs are feeling increasingly uneasy. With trade wars, Brexit, recession fears and more currently holding the world hostage, many entrepreneurs are waiting with bated breath to see the impact it has on their businesses.
But here’s the thing – they shouldn’t! They need to stop letting uncertainty rule their businesses and lives. By doing so, they’re stopping potential growth and losing out on amazing opportunities. If you’re an entrepreneur who feels out of control thanks to the current climate, then read on to find out how you can take back control of your business!
First things first, although you might not have control over decisions that could impact your business, you do have control over your outlook. If your outlook is negative, chances are you’re more likely to avoid taking any risks and spend the majority of your time planning for the worst. This doesn’t just stop your business from growing, but it also puts it in danger – if all your time is spent planning for the worst, you won’t have any time to actually work on your business and keep it successful. By adopting a positive outlook, you’re more likely to take calculated risks that will help you to achieve more, plan for the future and build strong long-term relationships. Having a positive mindset is half the battle when it comes to taking control of an unpredictable business landscape.
The other half is the small but easy things you can do, like staying aware of your stats and finances. By keeping tabs on your expenditures, profit margins and more, you’ll massively reduce the number of surprise costs to your business. Plus, if the stats are telling you your business is in a strong position financially and there’s demand to expand, then expand! It doesn’t need to be a huge expansion, but if the stats are telling you to grow, then grow – your business will only benefit.
Another small but simple thing you can do is maintain great relationships with your customers. This seems like a no-brainer but many entrepreneurs forget about quality control when their businesses are struggling. Your reputation is everything – if you have loyal customers, your worries will reduce dramatically. Strong relationships mean consistency, which is vital if you want to make sure your business stays successful.
Finally, make sure you stay aware of trends in the market and potential road bumps. Keep an eye on companies similar to yours – the more knowledge you have, the better your decisions will be – and don’t believe all the information you hear! It’s easy to fall into the trap of making decisions based on rumours you’ve heard, but if you want to stay in control of your business your decisions should only be based on facts. If any information you learn cannot be proven to be 100% true, then don’t act – it’s as simple as that!
I know it’s not easy to ignore the red flashing lights everywhere but if you want to achieve your goals, you need to take the reigns and stop letting your decisions be dictated by others. Every successful entrepreneur has had to face uncertainty at some point and they’ve gotten to where they are by taking ownership of the unknown and using the techniques outlined in this article!