Succeeding in uncertain times requires you to act without knowing exactly what’s going to happen, to prepare for whatever might happen.
As of now, we don’t understand the full extent, or character, of the economic downturn we are hurtling into. In the last 24 hours, I have heard comparisons that range from a 1929-like cataclysm to something more like a snowstorm, that we will quickly recover from.
The fact is, we don’t know what’s going to happen. But that doesn’t mean we can’t be ready. Being ready doesn’t mean guessing what will happen, but preparing for whatever might happen.
To prepare for an uncertain future, you need to first commit to acting with focus, not with frenzy. It’s easy to be overwhelmed by this situation, but we all know that won’t do our businesses any good. Take a deep breath, and focus on giving your business its best chance of success in this economic upheaval.
Then, be clear about what you can’t control and what you can control.
- Identify the things you can’t control and understand how these factors will affect you
- Identify the things you can control and take thoughtful, deliberate and strategic action to improve your business
Here’s what you can’t control: Economic factors such as interest rate levels, employment, inflation, government debt, the stock market and gross domestic product, to name a few.
- Your action step: Understand these macroeconomic factors and take steps to determine how they will affect you.
Here’s what you can control: The experiences you create for your customers, your suppliers and team members that will encourage them to commit to you during tough times.
- Your action step: Take thoughtful, deliberate and strategic steps to earn the loyalty and commitment of your customers, suppliers and team members.
Although the economy is going to hit most of us pretty hard this year, we all still have significant untapped potential to earn more loyalty and commitment from our customers, our suppliers and our team members. By focusing on what you can control, you can blunt the effects of the factors over which you have no control.
Join me for a free webinar on April 9th to learn an approach to navigating your business through the uncertain times we are facing, so you can achieve your best possible outcomes in 2020 and 2021.