Tip #123: 6 Ways to Deal with Risk and Uncertainty in Business

tip 123 risk uncertaintyIf you’re a business owner, you know that a certain amount of risk and uncertainty comes with the territory. Most of the time, that’s a good thing. It can keep you curious and motivated. Plus, it’s true that with uncertainty comes opportunity.

However, there needs to be a balance. Ruminating in uncertainty can cause a level of stress that hinders growth. When you are running or selling a business, it’s important to develop a balanced relationship with uncertainty.

Six Methods for Business Owners to Improve Their Relationship with Uncertainty

  1. Gather Information: Keep an eye on economic & customer trends and relevant political news. Take notice on what’s going on in your market and see what your competitors are doing.
  2. Consider What Changes You Could Make to Improve: Spend some time brainstorming and researching. Is it time to diversify products, services or target markets? Could you acquire another company?
  3. Don’t Let Uncertainty Immobilize You: Look before you leap, but not too much! Uncertainty can paralyze business owners, but successful ones are able to keep up with decision making.
  4. Focus on What You Can Control: It may help ease your mind if you refine your processes and procedures. Make sure your contracts and documentations are in good shape. If the foundation of your business is in order, you can handle any change life throws your way.
  5. Stay Positive: When faced with uncertainty, many of us can’t help but to spiral into negative thinking as a gut reaction. However, it’s a good idea to take a step back. Just because you aren’t sure what’s going to happen, doesn’t mean that you’re headed for failure. Elevate your morale by hoping for the best.
  6. Prepare for Change: Some change is inevitable, but many people live in fear of it. A good way to cope is by accepting that change is sometimes out of your control. Plus, change can be good! Stay open to exciting new avenues and connections with new people.

Is It Time for a New Owner?

If you’ve tried these suggested methods and still feel like uncertainty is a scary monster that’s always trying to shake you down, maybe it’s time to sell the business. This creates the opportunity for a new owner who has fresh energy to push the company in a different direction.