Navigating turbulent waters is an inevitable part of the founders' journey. But, dealing with uncertainty can affect crucial decisions that may negatively impact a business. However, what if we tell you that you can use uncertain times in your favor to pursue new opportunities like, for example, expanding the company internationally?.
Today, entrepreneurs face the challenge of thriving in a fast-paced world of constant change full of unknowns. For example, the COVID-19 outbreak caused a significant shift in customer behavior, and unfortunately, not all companies could handle such a transformation.
However, many could tackle the uncertain context and steer their businesses in the right direction. Therefore, what's the secret sauce of business leaders who have thrived during adversity?
Challenges Are Part Of The Journey
Each stage of a business lifecycle entails unique challenges. They are not static. They evolve and change as long the startup also grows. So, it's important for founders to know how to overcome these unavoidable hurdles.
Even though the pandemic is the most recent event that has substantially impacted the economy worldwide, uncertainty comes in many shapes. Every region presents its own economic and social challenges, so having a unique recipe for success is almost impossible. But on the other hand, there are a few tips and tricks that can help founders successfully manage business uncertainty.
What’s Business Uncertainty?
Simply put, business uncertainty is a situation or event where a company faces a risk that cannot be predicted or foreseen. Usually, these are changes in the economic or political landscape, like, for example, the COVID-19 outbreak and its impact on the economy worldwide.
However, startups had to deal with uncertainty long before the pandemic. These businesses operate with certain financial uncertainties despite a favorable economic context, as they are still shaping and solidifying their business model. So, founders must always be prepared to embrace the unknown.
That said, it's still possible to thrive! There are plenty of success stories out there of startups that tackled business uncertainty with the right strategies and resources. So, let’s get down to the nuts and bolts to take your company to the next level.
Tips To Thrive And Expand In An Uncertain Context
A Well-defined Business Plan
A solid business plan is one of the cornerstones of every company. It's a road map that helps founders determine where's the company heading. Moreover, it can also help you understand the potential risks and give you a financial forecast for smarter decision-making.
In fact, one of the main reasons startups fail in normal contexts is running out of money or failing to raise capital. But, with a well-defined but also flexible business plan, founders can overcome this challenge by defining the best strategies to have enough funds to last during uncertainty.
Flexibility: A Cornerstone Of Your Business
In the process of navigating the startup during uncertainty, flexibility is key to spot new marketing opportunities and coming up with innovative products/services. Therefore, focus on gathering feedback from collaborators and clients and be open to pivoting to a different business model if you find a viable market.
Moreover, this is key when expanding your business abroad as you'll bump into a whole new different market. Uncertain maximize, as founders will have to validate their product/services in the new scenario. And without a flexible mindset, even the slightest breeze will sink the ship.
The Power of Communication
Don't let uncertainty make you hesitant to communicate with partners and collaborators. In fact, you should do just the opposite, over-communicate. Clear and fluid communication helps the organization work aligned, steering the ship in the right direction.
Share the startup plans with your teams and also with customers and stakeholders. Lead your team with transparency, and promote sharing ideas. Open communication is the key to overcoming most obstacles, giving space for innovation during uncertain times.
Choose A Strategic Partner
A strategic partner is key during business uncertainty, primarily for startups that strive to grow and expand. Here's when a startup accelerator enters the stage. They provide comprehensive support, giving you access to investors, tools, and the most valuable asset: their knowledge and experience.
That's what we do at Base Miami. But we are not a traditional accelerator. We are a market entry accelerator because we transform the companies' culture to the US market. We help businesses navigate the uncertainty and the unverified guesses that an expansion process presents through our different programs.
What’s more, we understand the risk of failure is round the corner in the internationalization process. And we can help founders identify and minimize them to kick the company off the ground, saving time and money in the process.
Parting Thoughts
While navigating uncertainty, founders may come across tipping points that will force them to revise the entire business plan. But, by being prepared to embrace the unknown, knowing that challenges are unavoidable, you'll make room to spot innovation opportunities.
We live in a fast-changing world that requires entrepreneurs to make smart decisions. With the right tools and support, you can take your business to the next level and succeed in the expansion journey. Ready to take off? Get in touch with us!
