If you’ve ever learned how to ride a bike, a surfboard or even tried your hand at yoga– you know how difficult it can be to find balance. You can focus on a fixed point in the distance and shift your weight around all you want. But at the end of the day, there are often things out of your personal control that can send you tumbling.
We’re all experiencing what it feels like to be thrown off our balance right now with looming economic uncertainty.
The World Bank’s latest report signifies that the war in Ukraine’s effects on commodity markets, supply chains, financial conditions and inflation have all led to the global economic slowdown. This results in heightened inflation, unemployment, and stagnant demand similar to what we saw during the 1970s.
And if this economic uncertainty has already impacted your business, you’re not alone. One recent survey shows that in the US alone, “more than two-thirds of small businesses reported higher average selling prices while more than a quarter say inflation is their No. 1 problem.”
The same survey also found that “while 68% of businesses said they were selling their products at higher prices, 57% said they had increased capital spending, with new equipment, vehicles and expanded facilities leading the list.”
So how can your business continue to thrive in the face of challenges out of your control?
To start– focus on what you can control.
We’ve created a quick checklist below that you can use to take an honest look at your operations and identify the cracks in your business before they even have a chance to shatter your path to success.