In a volatile market, why do some entrepreneurs thrive while others falter? The past few years have presented a variety of challenges for business leaders, from supply chain disruptions and changing customer needs to rising inflation and regulatory upheaval. But external forces like these can also create opportunities for entrepreneurs to drive growth, as evidenced by the actions of these business leaders across industries.
For a virtual health care provider, the reluctance of midsize employers to invest in employee benefits during uncertain times required the company to guarantee its performance and reduce risk. For a commercial real estate services provider, the COVID-19 pandemic’s upending of office space meant digging deep into data and analytics to help clients solve problems. And for a steel products supplier, the sudden death of a cofounder — and spouse — required tough decisions about the company’s future.
Growth in the face of uncertainty — whether unexpected or ongoing — requires entrepreneurs to embrace resilience, rethink strategies and prioritize culture when considering a transaction.
Embrace resilience and adaptability
The volatility of the past few years has underscored the importance of resilience and adaptability for many entrepreneurs. Kelly Preston, President of Capital Steel & Wire, notes that flexibility is essential in the face of unexpected challenges, including personal tragedy. Following her husband’s untimely death, she said, “I knew my journey [with Capital Steel & Wire] would continue; I just wasn’t sure how.” Her decision to continue to lead the business reinforced her willingness to take risks as an entrepreneur while evolving and finding new paths forward.
Teira Gunlock, CEO of First Stop Health, echoed this sentiment within the context of the telemedicine field. The health care landscape is constantly shifting, and businesses must adapt their service offerings to meet emerging demands. As part of the company’s evolution, “We transitioned from first aid to whole person care,” Gunlock said. This shift not only expanded the company’s suite of services but also enabled it to address a broader set of health care needs, including mental health and primary care.
The ability to pivot is critical for sustained growth, especially in uncertain times. Gunlock emphasizes the importance of aligning strategic pivots with customer feedback. “Listening to employer needs was pivotal in shaping our expanded offerings,” she said, highlighting how understanding market perspectives can guide effective adaptations. In response, First Stop Health began guaranteeing its performance, taking risk out of the equation for clients.
Cultivate agile leadership
Leadership during adversity can define the trajectory of a business. Following her husband’s death, Preston’s ability to rally her team and gain their trust in the face of immense uncertainty was pivotal to the company’s sustained growth. It required transparent communication during a difficult time; sharing her vision openly with employees helped to unify the team. “Leaders must be prepared to face challenges head-on and inspire their teams to do the same,” Preston said.
That emphasis on people extends to the importance of having the right people in the right roles for expedited growth. Gunlock notes there were times when First Stop Health was too slow to make necessary staffing changes. “Once we did get the right person in that role, especially in charge of growth, it was company-changing,” she said. The need for timely decision-making extends to involving team members in addressing issues. “A collaborative approach not only empowers your team but also leads to better outcomes,” Gunlock said.
Decisions like these resonate with Sharon Morrison, Managing Principal and board member of commercial real estate services provider Cresa. “Champions adjust their strategy,” she said, noting that during the pandemic, Cresa had to adopt the role of the firm’s advisors to focus on being non-transactional and solution oriented. This meant reaching out to clients, understanding their needs and providing solutions during a time when everyone was looking for answers.
