Every business has its ups and downs, whether the economy is struggling or you’re facing an unexpected loss. In tough times, taking on a new business venture may be the last thing on your mind. However, growth is possible during a period of uncertainty—in fact, it might be the perfect opportunity to alter course for the better.
We asked the members of Forbes Business Council to share how leaders can navigate new business ventures in challenging times. Their best answers are below.
Photos courtesy of the individual members.
1. Be Flexible
While a volatile economy can be a death trap, smart business leaders see it as a treasure trove of new opportunities. If your business has the ability to shift resources quickly, you’ll be well-positioned to analyze and identify new revenue streams as they arise. The key is to ensure your planning takes into account the opportunity lifecycle and to be prepared to shift again before it ends. – Dmitriy Shelepin, Miromind
2. Focus On Agility
Leaders can be proactive about their employee relationships to keep their organizations lean and agile. Updating their employment policies/handbooks to reflect the new COVID-19 workplace is a start. It also proves that they care about their team members. Seeking relief from landlords, lenders and vendors is another avenue. Being proactive will maximize business performance in uncertain times. – Ismail Amin, TALG | The Amin Law Group, Ltd.
3. Coalesce Around A Story
Uncertainty can be felt by everyone in an organization, not just by the leaders. When everyone can work together towards a specific goal or task, there is less chance of paralysis by uncertainty. Business leaders need to craft a compelling story for the organization and communicate that story with everyone to get full buy-in. – Adam Hodson, Adam Hodson, CPA
4. Run Experiments To Get Data
Navigating new business ventures always involves uncertainty, no matter what is happening in the broader environment. To navigate uncertainty, be very clear about what you know (because you have evidence), what you think you know (because you have experience) and what you need to know (because you don’t know it now). Then run 90-day experiments to get data and better inform decisions. – Robyn Bolton, Mile Zero LLC
5. Pivot To Current Market Needs
Right now, this is not a time to sell. We are helping our clients and have done pro bono music reworks so that they can re-air a spot with a different mood. We are launching two new ventures of our own because the need will be there when we get through this as we are anticipating where they’ll pivot to. Neither involves a large cost outlay, just our hard work. Lead with innovation and empathy. – Audrey Arbeeny, Audiobrain
6. Expand While Others Contract
Now is the time to expand while everyone else is contracting. Push yourself out there and get uncomfortable. This is a tremendous opportunity to connect with people who have previously been too busy or too inaccessible. Get access to talent and resources that were previously tied up and take advantage of the lull to better position yourself. Emerge better and stronger than you were before. – Matt Bodnar, Fresh Capital Group
7. Solve A Problem
Businesses that solve a problem almost always succeed. When you fill a void in the market customers will come. In times of uncertainty people’s spending habits change and they tend to pull back from things they don’t deem necessary. Find a way to become a need in people’s everyday lives or solve a problem and then move forward in confidence. Additionally, make sure you’re responsible financially. – Hoda Mahmoodzadegan, BAḴT Global
8. Drive Attention
Businesses need attention. With attention comes consideration from customers and with consideration comes the opportunity for sales. So, the short answer is to be an attention-worthy business. Every business can be attention-worthy by creating content, running precise digital advertising, and creating messages that are micro-targeted to niche groups of consumers. – Robert Brill, BrillMedia.co
9. Separate True Market Uncertainty From Emotional Uncertainty
Always keep in mind that any new business venture is a calculated risk. Do the research to uncover what the true market uncertainty is versus the emotional uncertainty. Data and qualitative insights will help isolate the true uncertainty so that you can make informed decisions to mitigate the risk. In turn, this will lower the emotional uncertainty to help you stay the course. – Harrison Winter, Co.MISSION Content Group
10. Get And Stay Curious
In times of uncertainty, the outlook is often opaque. Use that time to connect with customers, suppliers, peers and other people in your space to get their view on what’s happening and why. Look for good client problems to solve, and be willing to adapt and change. Ultimately, by remaining curious you will learn more and develop relevant solutions, even in a hostile environment. – Mike Kuczkowski, Orangefiery
11. Control What You Can And Leverage Your Strengths
As someone who is launching two new businesses during a crisis and time of unprecedented uncertainty, I am finding now more than ever that it is critical to control the things that I can, to leverage and double down on my strengths and to have faith in the future that the rest will work itself out. Finding confidence in familiarity, exerting control where I can and being adaptable is key. – Keir Weimer, Keir Weimer Multimedia, LLC
12. Build Your Resilience
Building any new business venture requires a high dose of resilience since often the journey can be paved with many challenges. In times of uncertainty, you have to ensure you have the emotional resiliency (mental strength), financial resiliency (cash to sustain growth in your first year) and personal resiliency (family support) to make your new business venture a success. – Andreea Vanacker, SPARKX5
13. Have Trust And Press Forward
In life, there can never be complete certainty of anything. That is crucial to remember. You simply have to have faith through any uncertain times. Keep moving forward and you and your business will find success waiting at the end of the journey. – Dawn Brown, MD, ADHD Wellness Center PLLC
14. Be A Great Relationship Builder
When stressed, we often display behaviors we aren’t proud of. We need to recognize how we want to be treated is not as important as how the other person wants to be treated. When you treat others how they’d want to be treated, then you can rest assured that you’re actually doing what the other person wants to be done, assuring yourself and them of a better outcome. – Lisa Patrick, Lisa Patrick
15. Trust Your Gut Instinct
No business venture is ever guaranteed success right out of the gates. I’ve dabbled in several and only hope that a few select ones will succeed. Sometimes, it’s a numbers game not just in regard to your bottom line, but also in regard to how you can create new ventures that realize a strong return on investment in the future. Be prepared to lose some and win a few and you won’t have a letdown. – Chris Cashin, Parcel Consulting, LLC