In times of economic uncertainty, businesses must make critical decisions about growth, expansion and scale with clarity. Will a new product or investment strategy be met with enthusiasm by investors and customers or will it drag the company into a financial crisis from which it cannot easily recover?

The evidence is clear (and available from multiple agencies). The global economy is in a slowdown. UN Trade and Development shows that global economic growth will slow to just 2.6% in 2024. This remains just above the threshold commonly accepted as a recession.

Deloitte explains that, in the US, high interest rates, the weakness of global economies and the excessive withdrawal of savings are affecting the growth of organizations. Its expectation is for the US economy to have real GDP growth of 2.4% in 2024, but to slow to just 1.1% in 2025. US Bureau of Labor Statisticsotherwise, it believes the economy will continue to grow at an average rate of about 1.9% annually from 2022 to 2032.

Various situational factors affect the overall potential growth of companies, such as domestic or international political instability or uncertainty, the rapid development of AI and automation technologies that are transforming not only industries but also labor markets, ongoing conflicts with the Russia-Ukraine war and other global ones. volatility threatens everything from the price of raw materials to international relations, and finally environmental impacts, such as straining agriculture and infrastructure, to EV demands, which affect the economy.

In an environment like this, how does a business maintain projects and financial scales? Most organizations cannot and should not push the scale to wait for better economic times.

As the CEO of an 8-figure subsidiary of a publicly traded company, achieving 7-figure growth every year, I'll tell you exactly what we do to keep scaling. These are the key mechanisms needed to ensure your company is sustainable and scalable regardless of external factors.

Related: 5 Ways to Scale and Grow Your Business During an Economic Downturn

1. Diversify your customer base and markets

It is absolutely essential to diversify your portfolio across multiple industries to reduce any dependence on a specific market. This mitigates the risks when certain downturns occur, while ensuring that there is still steady growth in other areas. At tec5USA, for example, we are constantly working to learn and grow in a wide range of ways.

This is the time for it expands into new geographic markets. This also helps spread risk and enables companies to seize opportunities where the greatest growth potential lies.

2. Invest in innovation and Research and Development

ABOUT product developmentfocuses on research and development to ensure that existing products continue to meet the needs and expectations of buyers, helping to maintain their market share. It is also the time to consider new products or solutions for evolving industry needs.

Customization may also be one of the most exciting opportunities right now. Tailored solutions that meet customer requirements help to increase value and ensure that your customer relationship is valued.

3. Enhance customer relations and service

In uncertain times, companies must build customer relations providing exceptional service and technical support. Your objective is not to secure a single positive transaction, but to build long-term customer relationships.

This is also the time to invest in training and education programs for clients to ensure they continue to see the value of working with you.

4. Focus on quality and compliance

Regulatory compliance it is a financial nightmare when oversights lead to financial losses. Instead, make sure your products meet industry-specific regulatory standards and certifications, especially in highly regulated industries like pharma and biotech.

Quality control standards should also be at the highest possible level. In our case, rigorous quality control processes ensure the reliability and accuracy of the spectroscopy equipment. However, make sure you do your due diligence to make sure you don't cut corners. Stay sharp and detailed in maintaining the quality of your equipment, customer service and service delivery so that trust from your customers remains high.

5. Partnerships and strategic alliances

Formulating partnerships supports growth strategies in any industry. Create strategic partnerships with other technology providers, research institutions and industry leaders. Work to co-develop new solutions and expand market reach, reducing some of the financial risks while increasing product and solution development opportunities.

It's also important to invest in industry associations and standard-setting organizations. This enables your company to stay ahead of regulatory changes and influence industry standards that align with your business objectives. tec5USA is constantly working to play a role in leading and governing our industry to remain highly competitive. For example, we developed a partnership with UGA (University of Georgia) for virus detection through SERS, Rutgers University and RCPE Graz, Austria for support with their pharmaceutical projects. Consider which organizations or networks you can connect with to distribute your products or services and use your time to increase the impact you can have over the long term.

Related: How forming a strategic alliance can help your business thrive in turbulent times

6. Agility and flexibility

Another essential mechanism we use at tec5USA is a flexible business model. I will be the first to note that it is not easy for all organizations. However, when you can be flexible with your business modelsuch as offering rental options, subscription services or performance-based contracts, you attract more business opportunities.

Also, apply flexibility and agility guidelines to your supply chain management. It is important to ensure that your supply chain is resilient not only from a financial point of view, but also with the importance of geopolitical conflicts. Improve logistics capabilities and monitor inventory control.

7. Marketing and brand positioning

I strive to consistently provide industry-specific and highly insightful content to support my company's reputation as an industry leader. One way to do this is through thought leadership. Position your company as a thought leader through white papers, webinars and attendance at industry conferences.

We also use the most modern marketing strategies. Digital marketing strategies, including search engine optimization (SEO), content marketing and social media engagement, enable us to reach a wider audience.

8. Sustainability and corporate responsibility

Sustainability is a huge factor in most industries, and ours is no different. Work to implement and promote sustainable practices within your company to appeal to environmentally conscious customers and comply with increasingly rigorous regulatory pressures.

Also, note that corporate social responsibility it is not optional. It's an essential component of the work we do at tec5USA because it matters to the planet and our customers. Consider obtaining ISO 14001:2015 certification, which is the standard that defines the requirements for an Environmental Management System (EMS). As a certified company, tec5USA supports philanthropic work as in the case of our support of Climeworks to scale their technology with the goal of removing 100 kg of CO2 from the air per month. Consider how your business can support your customers or partner with organizations that advance sustainable practices to increase trust in your company.

9. Financial management

Financial management should be a focal point for any publicly traded company in uncertain times. Optimize operations to reduce costs without compromising quality. This can include building more efficient processes, adopting lean manufacturing techniques and improving energy efficiency.

In my company, we are constantly attentive to market conditions and their economic impact. Companies that make the effort to monitor and build during this time are likely to emerge stronger. As with any personal finance budget, keep close records and understand where you should allocate your capital to get the greatest return.

Related: 4 Financial tips to get by in times of economic uncertainty

By diversifying your customer base, investing in innovation and R&D, improving customer relationships, and focusing on quality and compliance, companies can thrive amid external pressures. Forming strategic partnerships, maintaining flexibility and focusing on effective financial management further strengthen a company's ability to scale, even in uncertain times. Ultimately, businesses that use these strategies will set themselves up for long-term success.