Turning Uncertainty Into Opportunity:

Uncertainty: The state of being uncertain; doubt; hesitancy. The only certainty in life is uncertainty!

“Tough times never last, but tough people do.” — Robert H. Schuller

We hear it every day ad nauseam: tariffs are destroying us, inflation is eating away at our incomes, the cost of everything is sky high. Mind you, I’m not saying there isn’t some truth here. However, when looking at the economy in historic terms, it’s important to remember there have been periods when our economy was much worse off and periods when it was hotter than sriracha in July! 

As hustlers in business for ourselves, it’s important we keep things in perspective and not let the “Negative Nellies” cause us to panic. Our economy, like most everything else in life, is in constant flux. What looks devastating today, could very well be an advantage tomorrow. In uncertain times, agility and strategy will keep you moving forward while many of your competitors will look like a deer in headlights. 

Let’s look at five topics that are top-of-mind for every hustler and small business owner in these trying times and some ways to navigate through them.

Tariffs: Who’d of thought a word we rarely used before this year would have such an impact on the economy? While there are valid reasons for having tariffs, the truth is they put hustlers between a rock and a hard spot. The products or services you sell are getting more expensive, but are you willing to raise prices for your customers to compensate? There’s no one answer to this conundrum; however, there are a few things you can do to help mitigate the tariff’s impact. Negotiate with your suppliers for better pricing or payment terms, have alternative suppliers set-up you can turn to if needed, improve your efficiency as a company to reduce costs internally, reevaluate your inventory management to order more goods before price increases, or use just-in-time ordering to reduce inventory risk. Most importantly, communicate with your customers and be transparent if the need comes to raise prices. As a company, you need to stay profitable and that oftentimes means making hard decisions to stay afloat.

Inflation: The simplest definition of this word is a rise in the overall level of prices for the goods and services purchased by households. And, like tariffs, inflation increases the cost of doing business for businesses, making it more difficult to stay profitable. Many of the same strategies you use to fight the tariffs will also help you stay the course during inflationary times. Focusing on the customer experience should be one of your top priorities as people tend to look more favorably on businesses that offer impeccable service. Additionally, where appropriate, offer discounts on bulk pricing and put in place seasonal sales promotions to highlight products for back-to-school, Thanksgiving, Christmas, or the 4th of July. Another tactic is to use technology to aid in creating marketing messages, chatbots for your website, and software to streamline the customer experience. While inflation is cyclical, staying on top of your business is a 24/7/365 proposition.

Consumer Confidence (or lack thereof): Between tariffs and inflation, confidence in the economy is shaky, and that means customers and businesses are being more careful with their spending. What this means for hustlers is it’s imperative you build a foundational trust with your customers. Whether it’s B2B or B2C, buyers look to purchase from businesses they trust. All of your marketing and outreach should focus on why your brand can be trusted, why a customer should choose you over your competitor, and what sets you apart. While it’s tempting to cut your ad spending or marketing dollars during difficult times, history has shown brands maintaining their visibility during downturns often end up gaining market share. Times like these test businesses, but also present opportunities to strengthen relationships and increase your share of the market. 

Experts: I’m not an expert on much of anything, so take everything I say with a grain of salt! As you should do for everything you scrutinize. We’ve all fallen into the trap of reading or watching something from a so-called expert only to find out later they were totally wrong. Even experts have their own biases that could taint their opinions. If expert insights are what you seek, be sure to look at a variety of experts on both sides of an issue and then form your own opinions. When it comes to economic uncertainty, it’s important to be nimble, but sometimes it’s best to stay the course and be patient. Listen to your gut and trust your instincts.

Mainstream Media (MSM) and Social Media: I was a journalist in another life, working as a radio news reporter and anchor. Facts and accuracy were both lynch pins in building trust with listeners, but all of that now seems so quaint. If you watch the mainstream media (MSM) or scroll through social media, you’ll find lots of information, but can you trust it? 52% of respondents in a poll last year said they don’t trust social media platforms and the MSM trust is lower than a toad's belly in a mud puddle. If you use either of these platforms to gather your “expert” opinions, beware you might be listening to people who only pretend to be experts on these platforms. When you gather information to use in directing your business, make sure to get opinions from multiple sources. Look for sources who have facts to back up their opinions and statistics that come from reputable sources. Take notes, if you need to, then review all the info you’ve gathered and make your own informed decision. Relying strictly on social media or one news site will only give you their opinions. It’s like searching for a new roof or new car; take information from multiple sources in, then determine what your gut tells you and act on it. 

The only constant in our world is change, which filters down into every aspect of our lives, including our businesses. Hustlers need to make decisions based on facts, accurate data and history, not rumors, someone’s crystal ball, or fake news. Plan for the long game, knowing the choices you make today will impact your future growth. 

Having flown small planes and owning a small business, I love this quote from Henry Ford, “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” Even in good times, uncertainty is a given in business. Stay agile, control what you can within your business and be ready to pivot should circumstances dictate it. And when you find yourself stuck on what to do next, keep that famous philosopher Yoda’s words in mind, “Do or do not. There is no try!”