After the recession of 2020 and the high inflation of 2021, it is unclear how the country’s real gross domestic product (GDP) will fare in 2022. Will it continue to climb, as it has in 2021? Will it soon go back to pre-pandemic growth rates, as many financial experts predict? Or will soaring inflation create a situation where the real GDP will fall? How will we deal with growing markets but an insufficient workforce and reduced supply chain? Will the federal government step up and manage the rising inflation rates? These questions and more have lead predictions for the coming year to be hazy at best. When the economic climate is uncertain, it is time for business owners to step up and act strategically. Here are three ways to prepare during uncertain times.

Monitor Your Industry

It is always important to monitor and analyze the competition, but even more so during times of economic uncertainty. Using the information you gain, you will get a broader view of the industry, from the trajectory of the market to where the gaps lie. You will understand who the leaders of the industry are and why and adapt accordingly. Analyze direct competitors who provide virtually the same product or service that you do, as well as your indirect competitors, who offer something different but pull from the same consumer pool that you do. Try to do a deep dive, collecting data across the competition, such as looking into the investors, recent acquisitions, publicity, and funding.

Protect Your Supply Chain

Resource scarcity is a real problem facing many industries across the globe. Pre-pandemic thinking was that the demand should control the supply. With major gaps in the workforce worldwide, this strategy is more likely to lead to unfilled orders and lost overhead. Now, it is a good idea to keep an excess of product and plan extra time into delivery. It is also a great time to expand and diversify your sourcing network. Finally, protect your inventory with insurance. Trucking companies always carry insurance, but you can pay for additional insurance if necessary.

Be Flexible

When popular opinion and consumer interests can change overnight, it is suicide to your business to remain rigidly affixed to one way of thinking or doing things. Understand what your customers want and be quick to respond. Stay true to your company’s values, hold fast to your motto and logo, but be willing to evolve with the market.

Don’t let an uncertain economic climate put your business at risk. If you are strategic, you can ride the uncertainty out at the top of the wave.

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