No heavy artillery? No bullets flying? It doesn’t sound like much of a war. But, this could mean life or death for your business. When global giants like the US, China, and the EU clash, companies get caught in the crossfire.
The battle around steel has been well-publicized, but the steel industry isn’t the only industry at risk. According to the World Trade Organization (WTO), machines and electronics, metals, agriculture, textiles, footwear, transportation, chemicals, plastics, and wood could all be early casualties. But, they won’t be the only casualties, even some SaaS companies will suffer.
Will this trade war affect your business? Don’t be a casualty. Here are 4 steps to take right now to position your company for success regardless of what happens.
Don’t Get Caught in the Crossfire
- Analyze your top customers: Make a list of your top 10 clients or those companies that make up 50% or more of your revenue. Highlight any that are in or selling to the vulnerable industries. Determine how much of your company’s revenue they represent. Build a strategy for each customer that ensures you are well-positioned with the right decision-makers to show value.
- Understand the impact: Talk to your company’s biggest clients to understand how they will be impacted. Determine whether your solution will help them leverage their strengths or be considered unnecessary if cost-cutting starts. Strengthen your company’s position by showing the impact your solution will have on them reaching their goals.
- Examine your prospect list: Look at the list and determine whether your prospects are in or selling to vulnerable industries and build a strategy that positions your company to impact their success.
- Position your company to win: Regardless of what happens with the trade war, having a strong strategy will keep your company in a winning position. Your current strategy may not be a winning strategy during a trade war. If it’s not, determine how to position your company differently. Be prepared to pivot.
Forewarned is forearmed. Prepare for the worst and for the best. With a good strategy, your company may have its best year ever.