10 Steps to reduce uncertainty

We know how bad the economy is; how this situation is almost certainly going to deteriorate further and how likely this situation will remain with us for a long time to come. We also know that, as individuals, there is nothing we can do to influence this. But that doesn’t mean there is nothing we can do at all. Many will bury their heads in the sand or run for the hills wailing that we’re doomed. But great leaders will know that whilst there may be little they can do to affect the economy, there are things they can do to strengthen their economy including that of their business.

Here are 10 steps you can take to strengthen your business and reduce this uncertainty.

1. Have a plan

Do you have a clear, coherent strategy plan that will get you from where you are now to where you want to be? Are you setting the right goals that will not only propel your business to the next level but strengthen your company to ensure this will happen? Are you regularly checking you’re on track to meet this year’s goals? Are you learning from previous experience and using that knowledge to strengthen your company against potential hazards ahead?

You wouldn’t set off on a long journey in a beaten-up old car that has had no service, has no working dials, with no maps to show the way and without a plan of where your rest stops are and when you need to reach them. You would have a plan.

A vital initial step when setting a new plan is to assess where you are now and learn from your findings to create the right goals that will give your company the best chance of staying on course and meeting your targets.

2. Remember your purpose and vision

Your company exists for a reason. You and your company are striving to achieve something. Is this clear to you, to your people, your customers, your partners and other stakeholders? No matter how much your company evolves your purpose will stay at the heart of it and not change. This can be a powerful, stabilising entity that can bring everyone together to drive in unison towards your vision.

3. Focus

Focus on your strategy plan and don’t veer off course or change what you’re doing because you’ve been shown ‘a better way’ to grow your business. If an exciting new opportunity presents itself then if necessary bring it into your plan (and drop something from the plan if you have to) but don’t simply go after it regardless of the goals and objectives that you’re already on course to meet.

You know the 80/20 rule. You can’t please everyone and neither should you. Focus on your top customers and partners. Are these companies growing or struggling in these uncertain times? If the latter, can you help in some way? Look after your customers and strengthen your relationships. Become partners rather than just suppliers.

4. Ask “What if?”

When the Euro was being devised, apparently the question was asked with regards to what would happen if a country’s economy suffered and they defaulted on their debts. And apparently, the idea was too horrifying and so the answer was that this would never happen. At the time of writing this article, Greece is on the verge of defaulting and European politicians have been acting like rabbits in headlights for months.

Carry out a thorough risk analysis on your company and business and make sure you have mitigating plans in place to reduce or eliminate these risks all together.

Look at the potential internal risks; what if a key person leaves or a vital machine in the production line breaks down? Look at the potential external risks; what if a component supplier goes under or can’t meet your demand or a product development misses its launch window?

5. Make your competitors irrelevant

When was the last time you asked your top customers what their needs were and how well you met them? Carry out a survey with them. Confirm what’s important to them and how well you meet these requirements. Ask them how well any competitive suppliers that they buy from also meet them. If it’s clear that your aim is to provide what they need then most will have no problem rating your competitors as well as you.

The fact that you’re doing this exercise in the first place will help build your relationships because you’re showing how much you care and your determination to be their supplier or partner of choice to the benefit their business.

You’ll find out where you’re under performing but you’ll also discover areas where you may be over-proving and wasting resource and energy in an area that is less important to them. Build this overall picture and you could work more effectively, deliver exactly what they need and make your competitors irrelevant.

6. Inspire and bring out the best in your people

Your people are the most important part of your business. Many will be worried about the economic turmoil the world is in, the increase in cost of living and the effect this will have on them and their families’ future.

Inspire them and bring out the best in them. Make sure your purpose, vision and mission are well understood and embraced. Make sure they know the strategy plan and how it is going to get the company (and them) to where it needs to be. Show them the big picture.

Listen to their concerns, give them a voice. When setting your new strategy plan get their input on how they think the objectives should be achieved. After all, they’re the people who will be responsible for implementing the means to meet these goals and objectives.

Make sure they know how important their role is to the overall business and how they contribute to its success.

7. Be disciplined

Too many people get to the end of the day, exhausted and wondering what it is they’ve achieved.

Time is precious and irreplaceable. Be disciplined with your time.

Plan what you need to achieve that month, that week, that day. Block out the time to do things that need to be done and don’t become reactive to the demands of your email Inbox or the telephone.

Don’t let others control your time.

8. Systems and processes

Are your systems and processes well understood and documented? These are what businesses are built on...make sure yours are working as efficiently and effectively as possible.

9. Think

Creative thinking is crucial. Innovation comes about because of it. Give time and space over to thinking for yourself and your people.

Yesterday, Steve Jobs passed away. The difference he made wouldn’t have happened without understanding the real value of creative thinking. “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma, which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice.” Steve Jobs – a speech to new students at Stanford University in 2005.

10. Admit you don’t know everything

According to a Dunn & Bradstreet report, 70% of those businesses that fail do so because the owner didn’t recognise their weaknesses or seek help. Great leaders recognise that they don’t know everything and seek the advice and opinion of those who do. Hopefully, you’ve surrounded yourself with people who have complementary skills and knowledge whose input you should seek.

If the knowledge isn’t in your company then seek it from outside. Many start-ups fail simply because, even though they’re experts in their particular field, they don’t know how to commercialise their solution, establish a market presence and grow a business.

Don’t damage your company because your fragile ego prevents you from asking for help.

Last Word

Because we’re surrounded by doom and gloom doesn’t mean we have to be pulled into it. Some people will use the economy as an excuse for their business failing and others for not starting the business they dream of at all.

The rest of us will dig deep, not let this situation bring us down, stay on course despite the turmoil around us and, if possible, turn it into an opportunity to stand out from the crowd and grow market share.