Strategic Thinking in Uncertain Times: Thriving When the World Is Shaking

How is your business dealing with current economic conditions? We know unemployment is creeping up, but remains frustratingly low for those employers looking to grow their teams. Cost of living is increasing at a slower pace, but increasing nonetheless and global instability seems more the norm than the exception. Not to mention our tariff happy neighbour and the GST headache holiday. For small businesses, these challenges can feel overwhelming. Are you leaning toward, “let’s just keep our heads down and hope it blows over,” or “let’s play out a few scenarios to prepare”? While no one has a crystal ball, leadership teams can use strategic thinking to position their businesses for resilience, growth, and opportunity – even in uncertain times.

Here are five prompts to spark deep conversations with your leadership team, so you can cut through the noise and focus on what matters most:

1. What Are We the Best in the World At?

Borrowed from Jim Collins’ Hedgehog Concept, this question isn’t about hyperbole; it’s about focus. In uncertain times, doubling down on your core competency can yield powerful results.

• Prompt: If we could only sell one product or service next year, what would it be, and why?
• Action: Identify where you deliver exceptional value compared to competitors and explore how to strengthen or expand that position.

2. How Can We Make Money Differently?

When traditional revenue streams dry up, creativity becomes your lifeline. Think about adjacent markets, innovative pricing strategies, or untapped customer segments.

• Prompt: What would it look like if we completely changed our pricing model (subscription, bundling, pay-as-you-go)?
• Action: Pilot one new revenue experiment for three months and measure the results.

3. Who Do We Serve Now – and How Have Their Needs Changed?

Your customers are likely feeling the pinch, too. Understanding their shifting priorities and behaviors is crucial.

• Prompt: If we interviewed 10 of our best customers today, what would they say keeps them up at night?
• Action: Conduct quick “empathy interviews” with key customers to uncover new ways to meet their evolving needs.

4. What’s the Most Obvious Expense We Haven’t Challenged Yet?

In times of plenty, inefficiencies creep in. A thoughtful review of costs – not a knee-jerk slashing – can free up resources for reinvestment.

• Prompt: If we had to cut 20% from our budget without sacrificing quality, where would we start?
• Action: Assemble a “challenge panel” of employees at all levels to brainstorm efficiency ideas.

5. What Is the One Bet We Should Make Right Now?

Risk and opportunity go hand in hand. Strategic risk-taking is the difference between surviving and thriving in tough times.

• Prompt: If we had $50,000 to invest in one bold move, what would we do with it?
• Action: Evaluate small, high-impact bets that could differentiate your business, such as upgrading technology, entering a niche market, or launching a guerrilla marketing campaign.

Final Thought: Lead with Clarity and Confidence

As a leader, your ability to inspire confidence during uncertain times is critical. These prompts aren’t about finding the perfect answers – they’re about engaging your team in courageous, strategic conversations that generate momentum.

Remember, downturns create opportunities for the bold. Businesses that adapt and innovate will not just survive; they’ll emerge stronger when the tide turns.