3 Tips for Navigating Uncertainty

It seems each day small business owners are faced with new information that can increase uncertainty. Also seems to be a buzzword lately, could AI have anything to do with this trend? Let's face it, we're living in uncertain times on a variety of levels.

Earlier this week I made a post on another channel and perhaps one or more will resonate with you. Consider these factors when navigating uncertainty with your small business:

1. Adaptability
2. Cash
3. Revenue Diversification

Let's break these down a bit more for your consideration. Adaptability means you are listening to your customers, observing their behavior and watching the market conditions. Are you willing to make necessary changes when there are shifts to either of these? What would it take for you to adapt and can you move quickly if necessary?

Your cash on hand could save your business in a variety of scenarios. Maintain cash reserves, monitor the amount and manage it properly. In the SBDC world "cash flow" is a term we throw around a lot, however a lot of early stage business owners don't understand it...yet. How many months can your business operate if there were no sales? What changes would you have to make and who would it affect?

Finally, do you have time to work on your business and consider another product line, service or both? Could an additional or new business market allow for new revenue streams? Having one source of revenue puts your business at risk, especially when unexpected and sometimes catastrophic market shifts occur. Consider ways to diversify your revenue streams. You can act today by scheduling time on your calendar to explore new options and the timeline in which you could take action.

With some pre-planning small business owners may find they have lowered or mitigated risk to their business. Consider it a well-check for your business, it may be time for a tune up.

If you need to talk with someone, find your local SBDC and sign up for no cost consulting.