How Your Small Business Can Survive Uncertainty
More than half of small businesses fail within the first five years. How can your company beat the odds? Here's how to expect the unexpected and prepare your business for the unknown.
What Fuels Uncertainty?
From poor cash flow to expansion missteps, there's a lot that can go wrong with a startup. Even when things are going well, however, trouble can loom over the horizon. While no one can predict the future, it's not difficult to identify the shakiest boards in your bridge to success. There are a number of things that can torpedo your company's trajectory, including:
Economic downturns which causes consumers to cut back on nonessentials
New technologies that make your product or service unaffordable or obsolete
Shifts in consumer behavior due to natural disasters or widespread outbreaks
Government policies that directly or indirectly impact your small businesses
Prolonged downtime after a fire, flood or power outage
An online reputation disaster fueled by poor social media management
According to research, uncertainty is a major neurological disruptor, causing severe anxiety in the human brain. That said, while you can't insulate your company from every type of unknown, there are ways to ease anxiety by preparing for what could be coming down the road.