Are you an optimist or a pessimist?  Normally I think business owners are optimistic problem solvers, but war, inflation, rising interest rates, a volatile stock market, and supply chain shortages/delays makes it very difficult to be optimistic.

  • During this crisis, supply chain has been a major setback to many businesses, therefore you should try and access excess inventory, look to multiple suppliers since most likely one won’t be able to keep up with your demand, and communicate with clients when and if delays will occur giving them as much lead time as possible.
  • Keep a tight control of cost: We are experiencing higher than normal inflation, so anything you can do to keep costs under control will make your products and services more desirable and may even help you grow and land new clients during these turbulent times.
  • Let go of status quo: You may need to change working environments and transition to new and more efficient ways, adjust to working from home, return to the office, or perhaps a hybrid scenario may make sense not only in attracting new, younger employees but keeping the ones that you have.
  • Identify opportunities, new markets, changes to operations, or a combination of the three. Make small shifts as to protect against hunches that don’t work out.  Leverage all your resources and talents inside and outside your organization.
  • Invest in your team: A business is as good as the team that comprises the company. Having the right team members in place is crucial to making the company run. In this environment there have been a great deal of folks changing jobs, or quitting altogether, so many firms are understaffed, and that can place additional stressors on the existing team.
  • Expanding workplace benefits and team appreciation events are small tokens of gratitude that can be powerful in letting your team know that you appreciate their hard work, you have their back. Another avenue to explore is expanding your benefits range to create additional value for your team: the headlines say that wages are going up, but many generations in the workforce look at the full picture, besides wages that could include dental, vision, health, 401k, financial wellness, and coaching/workshops.

Having a robust structure allows a business to let their team know that they are heard, valued, and are key components in the collective success.  This is even important in turbulent times since things can change quickly, so continually evaluate your strategies and don’t put all your eggs in one basket. Adapt to change as we move forward, as this will give you the best chance to not only survive but thrive in these turbulent times.  Also having those strong benefits can help you attract and retain top talent, so when you project how the landscape of your business will look moving forward, you have a robust team in place to make that vision come to life.

Written by:  Justin Hamlin, CFP® and Todd Rohrer, CKP®

These are the opinions of Justin Hamlin and Todd Rohrer and not necessarily those of Cambridge, are for information purposes only, and should not be construed or acted upon as individualized investment advice.  Investing involves risk.  Depending on the types of investments, there may be varying degrees of risk.  Investors should be prepared to bear loss, including total loss of principal.  The strategies discussed herein are not designed based on the individual needs of any one specific client or investor.  In other words, it is not a customized strategy designed on the specific financial circumstances of the client.  However, prior to opening an account, Cambridge will consult with you to determine if your financial objectives are appropriate for investing in the model.  You are also provided the opportunity to place reasonable restrictions on the securities held in your account.