How to manage your business in uncertain times
Dealing with uncertainty is something we may have all experienced before. Currently, Brexit is a key area of uncertainty for many business owners in the UK.
Whatever our political views, we are all aware that this has never happened before and it is, therefore, difficult to predict the outcomes. There is no clear information yet, about our future relationship with the EU. And what this will mean for international trade and the economy.
All these potential changes could have an impact on individual businesses.
For many of us, this uncertainty can feel uncomfortable or stressful. We endeavour to plan, control and organise as much as possible. However, when the future is particularly unpredictable this can feel almost impossible.
"It's known as ambiguity aversion," says David Spiegelhalter, professor of the public understanding of risk at Cambridge University, and president-elect of the Royal Statistical Society.
Here are a few tips for managing in these uncertain times:
Keep well informed.
- Check economic indicators.
- Read news from reliable sources
- Keep up to date with industry news
You can find information on the gov.uk site here:https://www.gov.uk/business-uk-leaving-eu
Manage your stress.
- Accept what you cannot control and avoid dwelling on your concerns.
- Build your confidence by reminding yourself of past achievements especially those involving periods of uncertainty.
- Seek support from others and maintain good relationships with people who are a source of positivity.
- Keep working rather than procrastinating. Be careful not to ‘burn out’ but it is important to keep moving forward.
“Nothing diminishes anxiety faster than action.” - Walter Anderson
- Adaptability is what matters most when it comes to survival. If you can take advantage of opportunities quicker than your competitors, this puts you at an advantage.
- Consider how you could prepare for different eventualities. Perhaps you can create some back-up plans. Contingency planning is important.
- Regularly review your business plan and make changes according to opportunities and threats which arise.