By Frank Bowman, CEO, Niche Electronics
Whether you run a business or a household, the last several weeks have brought with them an undeniable atmosphere of uncertainty. There is evidence beyond just a “feeling,” from stock market turbulence to the Federal Reserve noting that the Economic Policy Uncertainty Index has climbed to alarming levels.
This broad sense of uncertainty comes from developments over which we have no control: tariffs on a wide range of products, a continuous drumbeat of news about “trade wars,” and an unpredictable near-term future for our economy.
In our industry, the Niche Electronics team has seen this uncertainty manifested in a few anecdotal ways: deep concern over the cost and availability of off-shore components, anxiety about a return to the supply chain logjams of the COVID era, and a “wait-and-see” approach to larger projects.
We all may be feeling some anxiety. But in an environment like this, the most valuable – in fact, the most rational – approach is to focus on the things we can control. Here are a few areas that we’re emphasizing at Niche:
COLLABORATION Niche has always found that creating a transparent partnership with clients generates greater success. There’s value in working closely to identify problems and challenges, because they become the springboard to solutions that drive all sorts of success: innovative ideas, lower costs, higher quality outcomes, and more.
CREATIVITY Developing out-of-the-box ideas can provide workable solutions – even if it seems like a project may be subject to the whims of an uncertain environment. Fortunately, Niche has a full toolbox of creative approaches that can help “unstick” a project. For example, design modifications can lead to improved performance and access to a wider array of components. Also, identifying alternatives for a BOM can help reduce reliance on hard-to-find or tariff-affected parts.
PERSEVERANCE Uncertain economic times can become a breeding ground for inactivity. At Niche, we have found that, in good times and bad, it never pays to let procrastination take hold. We’ll continue working toward meeting our customers’ goals, whether that means developing an array of approaches to a challenging problem or continuous improvements internally.
The final word: there’s undoubtedly a sense of unease in our industry and in the economy at large. But we’ll all still be here in a year, or two, or five – and we’ll all benefit from taking a level-headed view and a strategic approach to managing the current atmosphere.
