Turning Challenges into Opportunities: How I Navigate Business During Tough Economic Times

Navigating tough economic times, I share key strategies that helped me steer BioSteel and Canadian Protein toward growth and resilience.

Canada’s unemployment rate has climbed to 6.8% as of November 2024, the highest since January 2017 (excluding pandemic years). While 50,500 jobs were added last month, the rise in unemployment shows that more people are actively seeking work in a challenging economy. For businesses, this brings a mix of challenges—like tighter consumer spending—and opportunities, such as hiring great talent. (Source)

Over the past year, since taking over BioSteel, I’ve had to navigate tough conditions like this, and these lessons are equally valuable for any business. Here’s how I’ve managed through similar challenges with both BioSteel and Canadian Protein:

1. Protecting Cash Flow

When I purchased BioSteel, one of my first priorities was stabilizing cash flow. I restructured operations, cut unnecessary costs, and focused on accounts with the best margins. For Canadian Protein, during previous economic slowdowns, I negotiated better supplier terms and optimized our product packaging to lower costs without compromising quality. Cash flow is critical—it’s what keeps a business resilient and agile, especially in uncertain times.

2. Delivering Value to Customers

In tough economies, customers want the most value for their money. With BioSteel, I’ve doubled down on emphasizing what sets us apart—clean hydration with no added sugar. We launched team sponsorships, starter kits, and affordable bundles to make it easy for families and athletes to try our products. At Canadian Protein, we introduced smaller, budget-friendly packages so customers could access high-quality nutrition without breaking the bank.

3. Hiring Top Talent

The current job market creates opportunities to find incredible talent. Since unemployment is higher, there are more skilled people actively looking for work. Over the past year, I’ve been able to build a strong team at BioSteel, bringing in professionals who share my vision for the brand and are eager to grow with us. Hiring in times like this isn’t just about filling roles—it’s about finding the right people who can help drive your business forward.

4. Listening and Adapting to Customer Needs

Understanding your customer’s mindset is key. With BioSteel, we’ve adjusted our approach to meet families where they are. Team sponsorship programs, discounts, and value packs have made the brand more accessible. With Canadian Protein, we focused on communicating how our products can replace more expensive food options while still providing high-quality nutrition. Small shifts like these build trust and loyalty during uncertain times.

5. Finding Opportunity in the Challenges

Economic slowdowns aren’t just about survival—they’re also a time to grow strategically. For BioSteel, we’ve used this period to streamline operations, focus on profitable partnerships, and build long-term trust with parents and athletes. With Canadian Protein, tough times were when we solidified our reputation as a high-quality, affordable nutrition brand.

What This Means for Businesses

Navigating today’s economy means focusing on cash flow, delivering value, hiring great talent, and staying adaptable. It’s not easy, but these strategies have helped me turn challenges into growth opportunities with both BioSteel and Canadian Protein.

How are you managing through these conditions? Let’s connect—I’d love to hear your perspective.