Powerful Tools to Confidently Manage Uncertainty that Creeps into Business
Powerful tools to manage uncertainty can help you grow your business.
Uncertainty is at the core of every business. It creeps in whenever you take on any type of risk or are unsure of what decision to make next. Uncertainty can be uncomfortable and incredibly intimidating, and can lead to stress and anxiety.
We don’t have a crystal ball at our fingertips that will help us predict the future of an uncertain situation, but in order to move our business forward and achieve a “reward”, we must take on a certain amount of risk.
Fortunately, it is possible to grow your business in times of uncertainty, and there are powerful tools out there to help you do it. I feel this is such an important topic that I’m dedicating two blogs to telling you about them.
Here are the first two powerful tools to manage uncertainty in your business:
Tool #1: Monitoring
Anticipating and planning for changes can set your business up for continued growth, and monitoring allows you to stay informed of what is going on outside the walls of your business.
You can monitor trends in your industry, emerging technologies, the economy, or any other factors that could impact your business.
Tracking these trends doesn’t need to be costly or time-consuming. Google Alerts and Google Trends are two tools that can help you monitor this information, but there also are many free and subscription-based business magazines, podcasts, and blogs that provide business news and trends for small businesses.
Many business publications are available as e-magazines through the public library at no cost. Podcasts, blogs, and e-publications are portable, available anytime, and easy to skim to find relevant information quickly.
My favorite resources for tracking trends for virtual business clients are:
Podcast: WTF Podcast - Brian Solis
Blogs: Small Business News, Tips, Advice:
Small Business Trends (smallbiztrends.com)
Small Business Success and Startup Blog | SmallBizDaily
E-Magazines: Wired, Fast Company
Tool #2: SWOT Analysis
The SWOT Analysis is a simple but powerful technique used to help build a business strategy in times of uncertainty.
The SWOT isn’t flashy, but it’s one of the MOST useful tools to get perspective on your business.
You may think you already know what your business’s strengths, weaknesses, opportunities and threats are. But when you force yourself to look at your business in new ways and from new vantage points, you discover how you can leverage your internal strengths to take advantage of opportunities in your market.
Approaching the SWOT as a team effort is the best way to fill out the squares, brainstorm ideas, and develop recommendations that address the results. Once you are “in the zone” you may be surprised how much useful information the SWOT gives you. Here is a simple example.
If the traditional SWOT approach that looks first at strengths and weaknesses doesn't appeal to your team, try this alternative:
Although most of us don’t like uncertainty, like death and taxes, it’s a part of life.
I hope you will take some time to explore these powerful tools to manage uncertainty in your business, and tune in to my next blog to learn about the others.
In the meantime, if you have any questions about the role of an Online Business Manager or how we use these tools with our clients, please book a call with us!
As a result, she enjoys her business again!
I’ve helped small businesses through growth, plateaus, and decline for over 25 years.
As a Certified OBM®, I focus on management for the entrepreneur who sells services online.
I love helping online businesses grow!
I care about your business and supporting you to move forward.
When you are ready, I can help.
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Experienced online entrepreneurs are often stressed and exhausted because they are juggling everything in the business. I partner with owners to get results by managing operations.
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