Heads up, Entrepreneurs: 3 Habits to Develop to Deal with Business Uncertainties Better
The only thing certain in business is that there will always be uncertainties. You can’t know for sure if the product you’ll launch next week will be a hit. You won’t ever be sure if branching out to another location will be profitable. Until of course, you’re there already.
It’s uncomfortable to be in the middle of uncertainties, but it’s also just a simple reality that we never hold knowledge for everything. If you find yourself paralyzed by things you don’t know, especially in times of significant changes in the business, here are some effective strategies to cope with it:
Seek out the advice of others
Social support is very crucial when you’re dealing with uncertainties. Not only to find emotional strength but also to get sound information on decisions. Just like when you were just starting in this entrepreneurial life. Remember when you were clueless about the food service industry.
The time you were unsure whether to jump into the hot trend of pizza chains and ice cream store franchises, you sought opinions from others, from new and seasoned entrepreneurs alike. Do the same now. Connect with business organizations in your locale. Reach out to thought leaders in your field.
Ask them the hard questions about reducing risks, maintaining brand identity, protecting profits, among many others, while dealing with uncertainties.
Have a backup plan always
Situations can only go better or worse. When you introduce a new product in the market, it’s either the people accept it or ignore it. When you expand the business, it can only result in further growth or financial doom. Whatever may happen, you should be prepared. You should have a plan.
When you have a laid-out roadmap for each outcome, anticipating the next things that could happen, you feel like you’re more in control of the situation. Not to mention, you reduce the ‘unknowns’ in it. Now, how do you come up with a good plan?
Simple. Gather as much information as you can. Take a really good look at your business, at the industry, at customer preferences, basically everything, so you can get certain areas in your business covered.
Trace your journey
Sometimes, the reason entrepreneurs lose hope during times of uncertainty is they’ve become so engrossed with it that they forget how they got to it in the first place. Yes, you could be overly anxious about your product launch now.
But you also have to recognize the hard work that you did prior, the case studies, market tests, competitor analysis, finances review, etc. From there, you were able to overcome little unknowns. Such as whether or not your product will appeal to targets. Or if you can financially sustain the operations while waiting for returns on this new investment.
If you feel so lost in the unknowns, look back at the small wins you had in the past. Celebrate them even. This can help you get back to the right frame of mind.
Coping with Uncertainties
It’s scary to face a lot of uncertainties. But that’s the simple reality of business life. If you want to keep your venture afloat, you have to learn to deal with the unknowns. Practice these habits to cope better.