We understand that knowing what’s around the corner is hugely valuable as a business owner.
However, we also understand that we’re trading in a world where uncertainty waits around every corner – making it difficult to predict the future business landscape and what your next move should be.
You can’t change the evolving economic, political and business threats in the world. But we can show you some key way to thrive and reduce the uncertainty.
Dialing down the uncertainty, to gain a competitive edge
Uncertainty affects your ability to trade. Not knowing if your costs will rise or fall, or if there’s a talent shortage or surplus, makes it difficult to make rock-solid decisions and plans.
Your goal in the current environment is not to remove these external threats. It’s to reduce some of the uncertainty through clear planning and inventive strategic thinking.
Let’s look at the five key areas, and how they dial down the uncertainty.
1. Financial forecasting and planning
Carrying out regular cashflow forecasting and budgeting helps you anticipate any potential financial challenges. Good cashflow forecasting, coupled with scenario planning, helps you make informed decisions about your spending and where you may need additional funding.
2. Performance monitoring and analysis
Tracking important metrics and having a key performance indicator (KPI) dashboard helps you review your performance against targets and look for the areas of improvement. Monitoring those KPIs keeps you in control, even if external factors and threats are proving to be difficult.
3. Strategic business reviews
When was the last time you revisited your business plan? Updating your strategy and business plan helps you stay aligned with your goals, even if external factors and changing market conditions are making trading difficult. Remember, no business plan is written in stone!
4. Getting proactive with tax updates
As the business landscape changes, the government is likely to look for ways to inspire enterprise and boost the economy. Being aware of legislative changes, tax reliefs and allowances, and available government grants, helps you navigate the uncertainty. You can keep compliant, maximise any benefits and see the positive impact on your capital position.
5. Business Diversification and Growth Strategies
Being able to flex and change your strategic direction gives you a huge competitive edge. Brainstorm ideas for ways you could diversify your offering and explore new opportunities. This could mean new products, new revenue streams and even partnering with other small businesses – both inside and outside your existing sector.
Making the path ahead clearer and easier to navigate
Getting proactive with your planning, forecasting and strategic thinking will make the road ahead clearer.
Come and talk to us about the key areas of uncertainty in your business – and find out how we can guide you through these uncertain times and out the other side.
