Stability has been an elusive goal for many Americans in 2016. Whether it’s the political uncertainty of the upcoming presidential election, the numerous acts of gun violence that continue to claim lives across the country or a U.S. national debt that is rapidly approaching $20 trillion, it’s understandable that those in the U.S. have deep concerns about the future.
They aren’t alone, however, in being anxious about what’s to come.
The United Kingdom voted in June to leave the European Union. The Brexit vote does not mean an immediate withdrawal from the EU as the two sides have two years to agree to the terms of the split. But Lloyd’s is one of several global brands that could have some tough times ahead as clients that use its London hub assess a future in which the U.K. is not part of the EU. As the world continues to become smaller, events such as the Brexit decision will likely have a more noticeable impact on the global economy than would have occurred in the past.
Business leaders are faced with the question of what to do in the midst of all this uncertainty. Most often, the best course of action is to continue to focus on growing your business and make informed decisions that allow you to provide the best product or service to your customers. You can’t worry about what you can’t control, so work with your team to maximize opportunities and minimize distractions.
At the same time, you can’t just sit passively and wait for things to come to you. You need to thoroughly and actively review your company, your assets and your investment strategy on a regular basis. Be critical in your appraisal and don’t be afraid to make hard decisions on things that aren’t working as you explore new ideas that have potential and could serve to protect you against market volatility.
Look no further than Richard Branson, one of the world’s most prolific entrepreneurs, to see the power of a diversified approach to both life and business. With more than 100 Virgin companies, he employs 60,000 people in more than 50 countries worldwide. He has built a total of eight billion-dollar companies in eight different sectors. Branson has written six books, holds a number of world records — including the first hot air balloon crossing of the Atlantic Ocean — and continues to dream of making commercial space flight a reality.
He never stops looking for new opportunities.
Look beyond your company in search of other ways to diversify your interests. Don’t just rely on one customer, one business, one investment or one idea to protect what you’ve built. The world is changing too fast. Give yourself more options and you won’t have to be so reactive the next time an unexpected development occurs that is out of your control.
You will have taken the necessary steps to secure your future.
Fred Koury is president and CEO of Smart Business.
