So you’re not the only one that has to pivot

We hear about many industries being impacted by the shifts in our economy and we never think for a moment, that we’re next. We like to believe that our business is recession proof but reality is, if you’re a B2B company, you’re more than likely feeling the effects of change, even without being hit directly.

Since I work behind the scenes of many businesses, I can tell you firsthand that revenue has changed across a plethora of industries. Lately, I’ve seen non-profits struggle with keeping the doors open as donations have slowed down. People aren’t able to give like they used to. The costs of shipping has taken a toll on many ecommerce based companies which results in increased pricing for their customers (which is no bueno). These are just a couple of examples but there’s so many being forced to pivot.

When working with businesses, we have to keep in mind that if they’re unable to sustain, there’s a chance they won’t be able to keep us as their service provider or resource. It’s a domino effect!

How do we combat or prepare for shifts in our company? We build a contingency plan. All businesses should have a contingency plan in place. This is risk management, which happens to be an offering within our CFO services. We evaluate and research our industry for trends, current events and statistics that help us consider all possible outcomes. Instead of waiting for the worst, you get ahead of it and plan strategically so that you can remain in business.

Take a moment to come up with a plan to shift and pivot in your business. Gone are the days where we can relax with one service or product. You may be successful, but consider making additions to your offerings where feasible.

Are you interested in Risk Management for your business? If so, feel free to use the Contact Us form here on the site.

You’ve worked hard on your business. Let’s keep the doors open!