When you started your business, you envisioned using core competencies to achieve a competitive edge. You had plans, projections and timelines which seemed plausible and attainable. You would be an innovative and reliable leader leading their investors, employees and partners to the land of business growth and success.  

You or the rest of the world could never have foreseen the COVID global shutdowns. But like the superstar that you are, you adapted and weathered the storms. However, new storms are brewing, with runaway inflation and labour shortages changing business costs. So, how do you stay afloat or thrive when faced with what seems to be a never-ending adverse economy?   

Here are a few ways that can help you and your business weather any storm: 

• Create a contingency fund. This is a pool of money that you set aside for unexpected expenses. This could include things like a lawsuit, a sudden change in the market or a natural disaster. By having a contingency fund, you can weather any financial storms that come your way. 

• Invest in insurance. Insurance can help protect your business from financial losses in the event of an unexpected event. This could include things like property insurance, liability insurance, or business interruption insurance. Make sure you fully understand what you are covered for. The worst time to find out you’re not properly insured is when you need to make a claim. 
• Diversify your revenue streams. Don’t put all your eggs in one basket. By diversifying your revenue streams, you can reduce your risk if one source of income dries up. For example, you could sell your products or services online and offline or offer multiple products or services. 
• Build relationships with key suppliers. Having good relationships with your suppliers can be helpful. For example, they may be willing to give you discounts or extend your credit terms if needed. 
• Consider alternative financing options. Suppose you are struggling to keep up with your debt payments; you may want to consider alternatives, such as a business line of credit, a payment plan, or payment extension or have a look at some small business government funds or grants. 
• Stay up to date on the latest trends. The business world is dynamic, so it’s important to stay current on the latest trends. This will help you make informed decisions about your business and avoid being caught off guard by unexpected changes. 

• Be prepared to adapt. The only constant in the business world is change. So be prepared to adapt your business plan as needed. This could involve changing your products or services, your marketing strategy, or pricing. 

Ultimately, if you want to maintain business success regardless of what market forces are in play, you need to keep a cool head, be willing to adapt and know when to ask for help from a professional. Getting support is just one click away.