If you’re anything like me, you’ve lately been waking up for work with a bit of a knot in your stomach. And it’s not your usual Sunday scaries, either. It’s a gnawing, confusing and unnerving feeling that economic forces outside of your control are shifting the ground under your feet. The word for it is uncertainty, or unpredictability, and it’s been brought to us courtesy of U.S. President Donald Trump and his reality-bending tariff policies.
Trump’s ever-shifting messaging, threats and edicts have created an increasingly unpredictable economic environment where tariff decisions can shift overnight, rhetoric drives markets, and global alliances are constantly being tested. Many business leaders are left wondering: How do we plan for the future when the rules of the game keep changing daily?
I would submit that when the environment around you feels like it’s out of your control, the single best course of action is to focus on the things over which you do have domain and authority. And inside most businesses, this comes down to three fundamental stakeholder groups: your customers, your employees and your investors.
Here’s a simple approach for each:
Communicate value, not just price, to those who buy what you sell
Tariffs will mean higher costs that often get passed down. But your customers don’t want to hear about your supply chain headaches. They want to know what you stand for, why your product or service still matters, and how you’re working to maintain value despite challenges. Others will be wondering how your business is helping Canada navigate this challenging time.
Be transparent. Customers want to understand what you’re doing, how you’ll work to hold prices in check and why they should stick with you through this crisis. If you’re not communicating with your customer base, you risk harming loyalty, increasing churn and eroding your margins.
Reinforce loyalty. Create programs or incentives that reward long-term customers, especially during times of volatility. No one as yet (at least to my knowledge) has proposed any sort of tariff-specific loyalty plan, but it’s an idea worth exploring. “If you stick with us through this – and sign a long-term contract, for example – you’ll save money and gain access to unique features others won’t be able to access.”
Invest in brand clarity. When prices rise, a strong, emotionally resonant brand helps customers stick with you instead of trading down. It’s this brand that will change the conversation from one about price to one about value.
For your teams, create stability in an unstable time
Employees are more than just resources—they’re your best ambassadors during crisis and uncertainty. But they’re also human, which means they’re nervous and anxious just like you are, especially if your business is manufacturing or retail. In the face of policy shifts that could affect jobs, wages, or expansion plans, proactive communication is essential.
Lead with context. Explain how tariffs impact the business in plain language—and how leadership is responding, and how expectations are shifting in terms of what “business as usual” actually means in this crisis.
Empower managers as communicators. Your frontline supervisors should be equipped to address concerns and keep morale high.
Show a long-term vision. Even if you’re reacting to short-term disruptions, keep employees anchored in your long-term mission and values, and rally them around a strategy that’s built to withstand and outlast this mess.
Create a compelling investor narrative, before the market does it for you
Markets respond as much to confidence as to facts. Investors need to see that your company is thinking ahead, not just reacting. Confidence is built on trust, and trust is built on doing what you say. Lay out a path forward, with clear milestones and timelines, and show investors how you’ll execute to survive and thrive through the tariff wars.
Scenario planning isn’t optional—it’s essential. Prepare clear, honest plans for best-case, worst-case, and most-likely situations. Educate the market about your base case for the next quarter or year, and detail the risk factors that could impact your forecasts. Don’t wait until you next report earnings.
Update more than just numbers. Include messaging around how you’re navigating uncertainty, building resilience, and identifying opportunity in your business.
Be the clear signal in the noise. The more unpredictable the environment, the more valuable a calm, confident, and consistent voice becomes. The old adage about investors hating surprises holds even more true in a crisis. You want to be your shareholders’ safest bet, with a commitment to ongoing communication.
Bottom line? Communication rules the day right now.
We are living in an age where a single tweet by a single person can move every single stock market in the world. If you think this is still a time to be paralysed by analysis or ignore your customers’, employees’ and investors’ questions about what you’re doing to navigate the chaos, you’re heading down a difficult path. Reputations are forged and brands enhanced in times like these, but only if you’re willing to open up and engage with your stakeholders.
