Episode 8

Navigating your business through chaotic times

Published on: 18th June, 2024

In this episode, Alan and Bhairav discuss strategies for guiding your business through periods of economic and political uncertainty. They share insights on how entrepreneurs and startup founders can mitigate risks, maintain financial discipline, and identify opportunities during chaotic times.

Key Takeaways:

1. Embrace the chaos: Accept uncertainty as a constant in the business world and focus on what you can control.

2. Prioritize risk mitigation: Conduct a risk assessment of your business operations and make contingency plans.

3. Maintain financial discipline: Ensure proper cash flow management and work to establish a 6-18 month financial runway.

4. Invest in your team: Keep employee morale up and avoid giving them reasons to leave during uncertain times.

5. Look for opportunity: Diversify your offerings to solve emerging customer pain points and be ready to capture market share from failing competitors.

6. Steady, forward progress: Avoid overreacting to every new development and maintain persistent, level-headed forward momentum.


Topics Covered:

- Dealing with the compounded uncertainty of startup life and economic/political instability

- Conducting a weighted risk assessment of your business

- The importance of separating operating cash flow and funds held for liabilities

- Scenario planning and adapting without overreacting

- Identifying opportunities created by market disruptions

- Maintaining mental wellbeing as a leader during stressful times


Quotes:

"It's always chaos. So I think, and I think we've talked about it many times, is that your business as a small business owner, all you ever think about is risk." - Bhairav Patel


"Don't overreact, don't get too high, don't get too low, but keep moving forward, because if you don't keep moving forward, you'll run out of momentum and then you'll start going backwards." - Alan Clarke

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About the Podcast

Real World Entrepreneurship
Talking the truth to entrepreneurs
In this podcast Alan and Bhairav talk about the real world issues that are faced by entrepreneurs and small business owners

We have both run successful businesses, raised money, grown them globally and now we're giving practical advice to the next generation of entrepreneurs. We don't do platitudes.

We also talk to entrepreneurs from across the world and get them to share their stories and challenges

About your hosts

Alan Clarke

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Strategy and Marketing specialist who helps businesses unblock the blockages that are preventing them reaching their full potential.

I love helping businesses develop strategies and action plans that get them working better and achieving their ambitions.

I excel at tackling thorny problems and difficult tasks, making things happen and achieving business goals.

I have an ability to break through the clutter, identify the nub of the problem and get the business moving forward.

Those working with me feel energised and empowered.

People like my honest, direct approach and my focus on securing meaningful results.

Bhairav Patel

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I've worked in IT for over 20 years starting life as a consultant at PwC and IBM and then moving across the table to becoming the CTO for Norway's largest privately owned e-commerce business.

After growing a number of brands and expanding the business across Europe, I joined a FinTech startup that raised $12M in 2012 and was added to the Forbes FinTech 50 list in 2016.

Following a short spell at an e-commerce business in Bangkok, I started Atom Ventures where we invest in and help small businesses and startups grow their business by providing high quality technology advice and development