With the election coming up next month, the economic ups and downs, interest rate rises, tight labour market and cost of living crisis, these are definitely uncertain times for business. At times like this, having a solid strategic plan really comes into its own. It’ll help you not only weather the storm but utilise those strong winds to propel your business where you want it to be.
Here are our five top tips for business success in a volatile market – something our client Rosvall Sawmill knows all about.
How Rosvall Sawmill achieved success in a volatile market
Rosvall Sawmill has been processing timber at its plant near Whangarei since 1977, and has been a long-standing client of Bridge for many years. Operating in the forestry industry – which is volatile by nature – means Rosvall Sawmill needs to respond effectively to the many market forces they’re subject to. Log supply issues, legislation changes, international economic factors, exchange rates, market demand, large capital investments requiring funding – all have impacted the company at one time or another.
So what exactly has Rosvall Sawmill implemented in the business to ensure their success?
1. Setting clear goals
Having specific goals to work towards helped Rosvall Sawmill ensure their continued success whenever unavoidable market forces impacted the business. Setting clear and achievable goals will simplify decision making and help your business stay focused, even in the most uncertain of times, keeping you on the right track to success.
2. Financial planning & forecasting
Understanding how much cash the business would need in the short and long term has allowed RosvallSawmill to plan for necessary capital investments, as well as various future financial scenarios. By forecasting potential financial risks and planning for them, there should be no need to worry when the road gets bumpy.
3. Staying agile
Having an action plan to change markets if they needed to meant Rosvall Sawmill could quickly adapt to market changes and capitalise on new opportunities. Keeping your business agile, whether it’s through planning for future scenarios, or ensuring your operations can pivot quickly, will help your business take change in its stride.
4. Keeping on top of market trends
Staying on top of what’s happening in their industry and the wider market is key to Rosvall Sawmill’s success, and Bridge has been able to help thanks to our broad market and industry specific knowledge. The ability to spot trends early will make sure you stay on the front foot while others in your industry may struggle to keep pace with change.
5. Building strong relationships
By building strong relationships with their bank, accountant and lawyer, Rosvall Sawmill knew they could count on them even when the going got tough. Maintaining strong relationships with professional partners means they will be in a better position to help your business grow and develop in the good times, as well as supporting you through volatile times such as pandemics and economic upheaval.
If you’d like to put in place a strategic plan with specific goals and action points that will help your business thrive even in times of volatility, have a chat with our team today.
Take the first step and contact us.