Running a Business in Difficult Times - Stay in Lane When Things Get Difficult
In uncertain economic times when business owners are under pressure, it’s tempting to pivot, overhaul, or reinvent their operations. However, that may not be the best policy.
Volatile markets, whether caused by national problems such as inflation, big issues such as global politics or conflicts, industry problems such as supply chain disruptions, or smaller, local conditions, like new competitors, can lead even seasoned entrepreneurs to question their core strategy. The best response is usually not to swerve dramatically but to keep a clear head, think and stay in lane.
Staying in your lane doesn’t mean standing still or being inflexible. Instead, it refers to a disciplined focus on your business’s strengths, loyal customers, and sustainable, strategic growth. In times of economic difficulty, such clarity can be the most powerful tool a business has.
Focus on what you do best
The instinct to do more to chase a new trend can be very strong when your business income feels uncertain. However, chasing untested avenues during an economic downturn can lead to wasted time and resources. Worse still, it can take your attention from what really matters.
Before you go looking for the next big thing, it’s probably better to lean into what your business already does well. Revisit the products or services that have proven their value and earned customer loyalty. Your core competencies, those areas in which your business consistently delivers, are usually where you will retain clients and maintain cash flow. Unless you are 100% certain you are maximising your current business, you could be missing the easy route to stability.
Remember, when you started your business, it was almost certainly because you had some key talent or skills you brought to the customers. That probably hasn’t changed.
Keep Your Core Market Happy
Did you know that some research suggests that increasing customer retention rates by only 5% can increase profits by 25% and often more? It clearly makes sense to stay close to your core market. Understand their pain points and what they need from you.
One very good reason to focus on support for your current customers, of course, is that they are also seeing the same inconsistent and unstable economy as you. So, consistent service and customer engagement efforts help reassure clients that you and your business are something reliable.
Customer retention is vital no matter what the economic climate, but it becomes critical during instability. It’s clear that your existing customer base already knows your value, or they wouldn’t be buying from you, and that alone makes them a far more cost-effective option than new prospects.
Staying lane doesn’t mean being afraid to continue to grow
Growth is still possible, even in a challenging economy. In fact, becoming too defensive can hold you back. If you had plans for growth before the recent instability, the basic principles of your plan probably still make sense. You do, however, need to make sure that growth is still valid. It may need adjusting to make sure it is still measured, data-driven, and aligned with your existing and potential future capabilities.
Growth during instability might mean developing a new product line that serves your current audience or targeting an adjacent market that shares characteristics with your existing client base. It doesn’t need to be an ill-informed gamble, and you certainly don’t want to pivot wildly to try to grow.
It is also a good time to assess your processes and streamline operations. If you need to outsource some of the administration of your business to improve efficiency or, more importantly, free you up to focus on your core offer, we can help.
Manage your anxiety
For neurodiverse business owners, unsettled times can be particularly difficult. Entrepreneurs with ADHD, autism, dyslexia, or other neurological differences can find the pressure of managing a business during economic uncertainty especially intense. We work with many neurodiverse businesses, and we understand just how difficult this can be. We help by providing reliable, flexible support with everything from calendar management to bookkeeping, allowing business owners to stay focused on high-level strategic decisions, creative problem-solving and the all-important core reason you do what you do. Being able to focus on the tasks you like rather than the administrative ones can be a real benefit.
This isn’t only useful for neurodiverse individuals, of course. It benefits anyone trying to navigate a challenging business environment. Worry and the feeling of ‘overwhelm’ can cloud your judgement, reduce motivation, and erode the confidence necessary to lead effectively. Concentrating on what really matters to you, your business, and your customers can reassign that energy into something far more productive.
Control what you can control; it’s what you do best!
Ultimately, much of what affects the economy, such as wild tariff swings, geopolitics, interest rates, global supply chains, and so on, is outside of your control. What is within your control is how you respond. You can decide what decisions you make, the areas you focus on, and the support you build around yourself.
A steady, focused, and flexible approach will not only help your business weather the current storm but also position it for greater strength when conditions improve. That starts with taking full control of what you can do best and, where possible, delegating what someone else can do for you to allow that to happen.