Success for your Business during Uncertain Times

How should Leaders Manage in the Face of Uncertainty?
Sailors navigating tricky winds, shifting tides and unstable weather, prepare their vessels so they can sail safely and purposefully. Companies do the same.

A company’s leaders should continuously move swiftly and proactively; changing the course of the company as the market continues to change. They swiftly alter the company’s course and chart a new one — pushing them forward to success in the market.

1. Recognize that this is Likely not Forever. Slower economic times have happened before. Relax and prepare for the good times that will happen in the future. Position your company to survive and do well in difficult times. Your company will then have a better chance of flourishing when these difficult times fade away.

2. Think about Strategies that will Grow the Top Line of your Income Statement It is not impossible to increase your revenues or sales even when the economy is in weaker shape. Remember that revenues are a function of both volume and transaction size. Think of ways to maintain volume but also devise strategies for increasing it, all the while trying to increase your average transaction value.

3. Revisit your Marketing Plan Develop a written marketing plan and continuously update it. Design marketing activities that are appropriate for your business, designed properly and implemented consistently.

4. Top Notch Customer Service Your customers are the heart of your business. This reality is even more true when you want to survive and thrive in a recession, such as the one we are currently experiencing globally. You must service the client and strive to offer these above their expectations.

5. Pay Closer Attention to your Numbers During uncertain times, it is important to know your numbers and what these mean to the success of your business. Understand what products, customers and business segments make you money. Then focus on activities that will generate the most profit. It is important to ensure your company is implementing activities that will optimize its cash flow.

Currently, we are all facing great uncertainties. The uncertainties that face businesses range from the uncertain geopolitical context in which companies operate, the internal structural uncertainty they face, the rapidly changing nature of work, climate change, changing consumer needs and last but definitely not least the uncertainties that the novel Covid-19 disease has brought on to us, globally.

Businesses need to embrace change and one key way of doing this is through the incorporation of technology into the company’s business processes. Virtual Pay is a payment service provider that supports businesses to collect contactless and cashless payments from their customers through credit cards, debit cards, mobile phone and a range of other channels. To learn more visit www.virtual-pay.io

This is an edited version of an article originally published in strategy+business on January 29, 2020.