17 Strategies for Biz Owners Facing Big Challenges in Tough Markets

If your loyal customer base isn’t enough to keep your doors open in a challenging market, here are a few strategies to change your luck.

Running a business is no easy feat, especially when faced with factors outside of an owner’s control—such as high rents, supply chain challenges, and stiff competition. Despite your loyal customer base and quality service, you may still struggle to keep your business afloat.

For business owners facing these tough realities, Fast Company Executive Board members share practical advice and creative strategies that can offer new paths forward. Read on to find helpful tips to weather obstacles and find new ways to sustain your vision in the community.

1. Stay Flexible and Creative

Business owners dealing with difficulties should diversify their income, use technology, and look at different financing. Negotiate with landlords or suppliers. Give high-margin products the top priority. Stay flexible and creative. Create close bonds with your customers and original value propositions. Network and look at grants. Remember, passion, tenacity, and adaptation all help one to succeed. – Riana Lynn, Journey Foods

2. Keep Your Offerings Simple

Keep it simple, stupid. Never forget that often the very best products or services are the simplest. So don’t waste time or money on all the extras. The way to succeed is by being insanely great at the one service or feature that makes your product, service, or business indispensable to your customers. Everything else is just fluff. – Barry Fiske, Merkle

3. Take Advantage of Opportunities

Look for moments to capitalize on opportunity. New opportunities may just come, while others you may have to create. Be open and spontaneous. Grab that coffee or take the call, even if it doesn’t seem beneficial at the time. Networking openly with a broader group of people from all walks of life will increase your likelihood of connecting with the right people and learning new things. – Larry Brinker Jr., BRINKER

4. Focus on Efficiency

Even with great ideas and loyal customers, external pressures can be overwhelming. My advice is to focus on efficiency—optimize operations, manage cash flow tightly, and explore partnerships that can alleviate supply chain or financial burdens. Don’t be afraid to pivot or scale back temporarily to ensure long-term survival and growth. Stay adaptable. – Eddy Azad, Parsec Automation Corp.

5. Pay Attention to Cash Flow Management and Adaptability

Focus on cash flow management and adaptability. External factors can disrupt your revenue stream even with a loyal customer base. Be proactive in cutting unnecessary expenses and invest in tech to streamline operations. Building a support network of fellow business owners in local Chambers of Commerce can also provide vital insights during tough times. – Anthony A. Luna, Coastline Equity Property Management

6. Find Your Unique Angle

Focus on differentiation—find a unique angle that sets your business apart from competitors. Explore partnerships to share costs, diversify revenue streams, and consider scaling back on non-essential expenses. Tap into community support through local events, crowdfunding, or grants, and build strong relationships with loyal customers. – Maria Alonso, Fortune 206

7. Prioritize High-Value Relationships

Don’t try to be everything to everyone. Focus on your most profitable customers—the ones who love you, pay well, and make business fun. Cut loose the ones who drain time, resources, and margins. Excellence over everything else is how you survive and thrive. – Chris Dyer, Company Culture and Leadership Keynote Speaker

8. Plan for the Worst

Plan for the worst with money to last a couple of years, keep your full-time job, buy commercial property rather than rent, and invest heavily in digital marketing. – Baruch Labunski, Rank Secure

9. Understand What Is Trending and Adapt Accordingly

Understand macro, political, economic, social, and tech trends. Understand your market, delight your customers, keep costs low, and keep sales flowing. – Zain Jaffer, Zain Ventures

10. Prioritize Cost Management and Agility

Explore new revenue streams like e-commerce or subscription models. Scrutinize overhead, renegotiate with suppliers, and stay agile. – Kristin Marquet, Marquet Media, LLC

11. Differentiate Your Offerings

Focus on standing out, optimizing costs, and embracing digital channels to reach a wider audience. – Francis Hellyer, tickadoo

12. Implement a ‘Lean Loyalty’ Strategy

Tailor offerings to your most profitable customers while cutting non-essentials. Use technology and partnerships to create a defensible position. – Solomon Thimothy, OneIMS

13. Focus on What Makes Your Business Different

Maintain a laser focus on differentiation and operational efficiency through smart tech investments. – Toni Ann Careccio-Pisano, PortPro Technologies, Inc.

14. Be Financially Resilient

Diversify revenue, cut unnecessary costs, explore partnerships, and renegotiate leases to ease financial strain. – Stephen Nalley, Black Briar Advisors

15. Focus on Customer Service, Limited Offerings, and Utilizing Tech

Create great customer care, maintain limited high-margin offerings, and use technology to reduce overhead and improve efficiency. – Ruchir Nath, Dell Technologies

16. Review Fixed Expenses

Renegotiate leases, streamline inventory, and leverage supplier partnerships to lower costs and reduce disruptions. – Britton Bloch, Navy Federal

17. Focus on Reducing Costs and Standing Out

Lean into differentiation, reduce overhead, explore new revenue streams, and stay adaptable. Agility is key to survival. – Dan Sorensen, Air National Guard

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