4 guiding principles businesses should follow during uncertain times

As the owner of an accounting firm for the past 25 years, I’ve witnessed firsthand how uncertain times can weigh heavily on business owners.

Economic shifts, changing tax laws or unexpected market fluctuations often leave business leaders feeling anxious about their financial future. Time and again, I hear the same question: How can we prepare for what comes next?

One of the most crucial lessons I’ve learned throughout my years is the only constant you can come to expect from the world is uncertainty. But by revisiting your foundation and looking for ways to fortify it, you’ll be better able to weather the tumult.

Be proactive in your preparation

Although laws and situations can and will change, one of the best ways to manage the stress of being a business owner is by being proactive. Beyond the day-to-day financials, know how you will react if things change quickly. Be willing to openly discuss the implications of changing tax law, local emergencies or tariffs may have on your business with your leadership team.

Getting on the same page before you are in crisis mode often makes the difference once a stressful situation arises. This includes ensuring everyone is on the same page regarding goals, potential budget cuts, cash reserves, and expectations.

By maintaining honesty and flexibility in your financial discussions, your business will be better equipped to pivot when market conditions inevitably do shift.

Nothing is certain until it’s finalized

… And even then, sometimes, things still can change.

Take the path of the beneficial ownership information (BOI) reporting, for instance. Since it was included in the Corporate Transparency Act, it has been pulled through both courts and the House with the requirements going in and out of effect what seems like every other month.

With a new administration, everyone is preparing for the inevitable incoming shift in the tax law, and although we have some good guesses, no one knows for certain what that shift is yet. As a business owner, you should always stay informed through advisers and industry connections, but remember, nothing is certain until it’s officially enacted. What seems like a certainty today may be reversed tomorrow.

Know the numbers

Tried and true for a reason, one of the most fundamental principles of accounting is understanding your financial position at any point in time. Whether you handle the books yourself or outsource the task, ensure that your records are up-to-date year-round, not just during tax season. Keeping track of your income and expenses gives insight into your business’ financial health, allowing you to adjust when cash flow is tight or maximize opportunities when finances are strong.

Market shifts may require businesses to pivot their strategies or change your terms of service — not only for tracking your current financial position but also for preparing for what lies ahead. Having your records clear and up-to-date will help you be prepared when dealing with unforeseen or fast-moving changes

Focus on long-term stability

While uncertain times present short-term challenges, history shows us focusing on a long-term perspective when making financial decisions leaves both businesses and individuals better off. Rather than reacting impulsively to immediate challenges, focus on building a financial strategy that’s resilient.

Long-term stability comes from taking deliberate, thoughtful actions now to secure your future — regardless of the external uncertainties. In times like these, I often return to the questions I asked myself when I first started our firm: What problem does your business solve? What makes it successful? What are your most valuable assets? And, maybe most importantly, what are your non-negotiables?

By focusing on these foundational questions, you’ll create a strong base that ensures growth, trust, and consistent performance — no matter what the future holds.

• Jeffery L. Mowery is co-founder and managing partner of Mowery & Schoenfeld, an accounting firm based in Lincolnshire.