Michael McFall is the cofounder and co-CEO of BIGGBY COFFEE as well as the author of the Inc. Original books GRIND and GROW.
Business leaders are accustomed to uncertainty.
In just the last five years, we’ve navigated a generational global pandemic, steep inflation, the ongoing war in Ukraine and its impact on global supply chains, rapid advancements and adoption of artificial intelligence, and fluctuating focus on climate change and sustainability regulations.
I’m sure your business, like mine, has had its own unique challenges that inject uncertainty into our strategic planning and day-to-day operations.
Recent tariffs are adding a new, complex and volatile dynamic to global trade and supply chain management, with implications for industries and sectors worldwide.
I’m not here to debate the merits of tariffs, their implications for companies and their customers, or the political ramifications or motivations. There are plenty of voices doing that already.
My goal is to provide practical steps for leading yourself and your company through uncertainty (in general) and tariff policies (specifically).
1. Spend your energy on what you can control.
External pressures, like tariffs, are real. I feel them. You probably do too.
They might impact your supply chain, costs or market dynamics. They can have real implications for your bottom line and business objectives.
Acknowledging this reality is necessary. Spending countless hours analyzing politics, debating potential policy outcomes or devising elaborate contingency plans for every hypothetical scenario is not.
In fact, it’s a waste of valuable time and mental energy, as every minute spent worrying about these uncontrollable variables is a minute not spent on improving your business.
You or your team can do nothing to directly influence whether a particular tariff is implemented or rescinded.
What should you focus on instead?
Almost anything is better than giving attention to things you can’t control, but the most important thing you can maximize is customer value.
2. Prioritize customer value over reactive cost-cutting.
When external pressures mount, many businesses’ knee-jerk reaction is to tighten the belt, often in ways detrimental in the long run.
We reduce funding for research and development, cut marketing costs and postpone crucial technology upgrades.
In reality, we are not going to cut costs or find a way out of this uncertainty. Shelving innovation won’t make us more competitive in the long run.
These actions might offer fleeting relief on a spreadsheet, but they can sacrifice the long-term growth that will unlock future success.
Instead, the primary focus must remain laser-sharp: bringing enough value to your customer that they choose to frequent your business, visit your website or walk into your store, regardless of the external noise.
This means enhancing the customer experience, refining product quality, improving service and consistently demonstrating why your offering is worth their investment.
There are many things you can’t control, but you can control the value you bring to your customers. You can maximize your value by focusing on their needs and exceeding their expectations.
3. Proactively invest in your future.
You have the power to make strategic decisions now that put you in a position to provide your customers with the next great product, a more compelling service or a delightful experience.
Controlling your future means investing in it, even when, especially when, times feel uncertain.
Use your current resources to fund the research and development that will lead to tomorrow’s innovations. Continue investing wisely in marketing and advertising to ensure your value proposition reaches your target audience.
Don’t be afraid to adjust your prices to accommodate market realities. Analyze your value, understand your costs, and price your product or service accordingly.
When you adjust prices strategically, you are best positioned to maintain margins, reinvest in the business and continue delivering the value your customers expect.
In other words, you’re best positioned to thrive today and tomorrow.
Focus inward to thrive outward.
External pressures will always exist. Tariffs may come and go, and economic winds will shift, but businesses won’t all disappear.
The ones that endure and thrive will be those that maintain a disciplined focus on the things they can control. They will be the organizations that deliver undeniable value to their customers.
Resist the urge to panic, slash vital investments or lose focus on your business’s core pillars.
Simply put, refuse to waste precious resources worrying about what you can’t control while concentrating on the factors you can control.
It’s the best way to navigate the uncertainty that lurks just around the corner in one form or another.
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