Tariffs, Uncertainty, and Mental Health: Navigating Challenges for Canadian Women Entrepreneurs
By Maureen Codispodi, Founder and Director of Help Clinic Canada; Maureen is an alumna of The Forum Mentor Program and E-Series, and a participant of Weekly Virtual Connects.
As the world continues to face unprecedented economic instability, women entrepreneurs are leading the way with resilience, creativity, and strategic thinking. Tariffs, layoffs, rising costs, shifting market trends, and unpredictable supply chains are causing many business owners to realize they must adapt quickly.
The good news is that women in business have a proven history of overcoming adversity—and this moment is no different.
Resilience and Strategy: Advice for Women Entrepreneurs Navigating Uncertain Times
If you’re a woman entrepreneur feeling overwhelmed by uncertainty, know that you are not alone. Every business owner experiences moments of doubt and fear. However, it’s during these challenging moments that your greatest opportunities for growth and innovation often arise.
Below is a guide to help you navigate these uncertain times and turn challenges into opportunities.
1. Engage With Your Community: Build a Support Network
Women entrepreneurs are naturally collaborative. In times of crisis, the power of a strong community becomes even more apparent.
Whether it’s fellow business owners, mentors, or customers/clients, it’s crucial to surround yourself with people who can offer advice, connections, or simply a listening ear. You can do this easily by attending live events like The Odlum Brown Forum Pitch Semi-Final Events and Finale to connect with other entrepreneurs going through it in-person, or The Forum’s online events, like Weekly Virtual Connects.
Katherine Hormuth, CEO and Chair of Sheertex, recently gave us a powerful example of what vulnerability in leadership looks like. Her recent LinkedIn post highlights how showing up authentically can lead to meaningful engagement and genuine support from the business community.
Networking is about creating a space where everyone can benefit from collective experiences. Connect with other women in your industry, share your challenges, ask for help when needed, and offer assistance in return. Doing so not only helps you stay motivated, but can also open the door to invaluable partnerships or business opportunities you may not have considered before.
Online communities are essential today, and being actively involved in them can create meaningful connections. Platforms like LinkedIn, Instagram, and Bluesky provide easy access to business networks where ideas, resources, and experiences are shared. Share your journey, thoughts, and experiences. The relationships you build now can become valuable as you move forward.
2. Challenges as Opportunities
As a woman entrepreneur, you’re no stranger to adversity. Take a moment and write down three challenges you have faced in your business and how you overcame them. Now let those be your reminders that you are resilient and that you can overcome obstacles.
Most businesses are born out of the desire to solve a problem and you are likely familiar with the concept of necessity inspiring creation. What if you could start reframing the challenges you face as opportunities for innovation? Instead of viewing obstacles as insurmountable, think of them as moments to get creative, evolve, and expand your business in unexpected ways.
Whether you're facing tariffs, rising costs, supply chain issues, or workforce changes, staying adaptable is key. Consider how these external pressures might push you to diversify your business model, explore new markets, or optimize your operational efficiency. For instance, if supply chain issues are affecting your inventory, consider local suppliers or alternative product offerings. If consumer demand is fluctuating, how can you adjust your marketing strategy to better engage your target audience?
Creativity is one of your most powerful tools. By stepping back and embracing uncertainty, you may discover opportunities for long-term growth. Often, the greatest innovations arise from the greatest challenges.
3. Stay Connected to Your “Why”
In uncertain times, it’s easy to lose sight of why you started your business in the first place.
Whether your goal was to make an impact, provide for your family, or pursue your passion, revisiting your mission and vision can reignite your drive and focus. Remember that you created your business because you saw a need in the market—and that need is still there, waiting to be filled.
A research study carried out by Dr. Gail Matthews, a psychology professor at Dominican University of California, found that you are 42% more likely to achieve your dreams and goals by writing them down. Take time to reflect on your values and how they align with your current goals. Does your business still fulfill your initial mission? If not, how can you reconnect with your purpose while adapting to the new economic climate? Staying connected to your “why” will help keep you grounded and give you the motivation to push forward on tough days.
4. Embrace Flexibility
The traditional mindset of “stick to the plan no matter what” no longer works in today’s volatile environment. Instead, focus on flexibility and adaptability.
The market is constantly shifting, and the ability to pivot will be one of your greatest assets. Pivoting can mean a significant or subtle change to your business and its offerings. Flexibility doesn’t mean abandoning your core business—it means recognizing when it’s time to adjust in order to stay relevant and competitive. Many successful companies pivoted to become what they are today.
5. Lean Into Your Resilience
Women have long overcome adversity, pushing forward despite societal barriers and balancing multiple roles. Resilience is ingrained in your DNA.
During times of crisis, lean into that strength. Remind yourself of the obstacles you’ve already overcome and use them as fuel to move forward. When you face setbacks, allow yourself to acknowledge your emotions—but don’t let them define you. Take a step back, breathe, and ask yourself, “What’s next?” Whether it’s seeking advice, brainstorming solutions, or simply taking a break, the key is to keep moving forward.
You’ve faced challenges before, and you’ll do it again.
6. Take Time for Your Mental Health and Wellness
Through challenging periods, it can be tempting to neglect self-care or delay investments in yourself. But now is the time to do the opposite. When you invest in yourself through self-care, you’re ensuring the long-term success of your company.
Self-care is as individual as you are. It can mean resting, taking care of your body, or practicing gratitude. It can also mean taking care of your mental well-being by investing time in your personal development. Learning new skills can improve your mental wellbeing by boosting self-confidence and raising self-esteem.
The amazing truth is that even if funds are tight, there are an enormous number of free resources available that can allow you and your team to take courses, attend webinars, or seek mentorship. The bonus is that personal growth will directly influence the growth of your business.
7. Prioritize Long-Term Vision Over Short-Term Survival
While it’s tempting to make decisions based solely on short-term survival, it’s crucial to balance immediate needs with long-term strategy. Think beyond the next few months and consider how today’s actions will impact your business five or ten years down the line.
How can you build a sustainable business that thrives even in uncertain times? What infrastructure can you invest in now to ensure your company’s resilience in the future? By prioritizing long-term goals, you’ll position your business for continued success, no matter the obstacles.
8. Keep Moving Forward
Resilience is at the heart of success. It’s not about having all the answers immediately; it’s about continuing to move forward, even when the path seems unclear.
Keep taking small steps, stay adaptable, and maintain your focus on the bigger picture. You may not have all the answers yet, but you have the ability to figure them out—just as you’ve done in the past. Whether through seeking support, embracing creativity, or revisiting your mission, each small step brings you closer to overcoming challenges and thriving in the future.
9. Seek Support from a Professional
Sometimes, the best way to navigate uncertainty is by seeking support from a professional who can offer guidance and perspective.
Whether it’s a therapist, business coach, financial advisor, or mentor, having an expert in your corner can provide invaluable insights and help you manage both the emotional and practical challenges of entrepreneurship.
A therapist can help you process stress, prevent burnout, and develop strategies for managing anxiety—making you a stronger leader. I've heard from entrepreneurs that when they work with a therapist, they have an opportunity to share what is really going on for them and only them, while not having to think about their team, their stakeholders, or customers. At Help Clinic Canada, we offer low-fee counselling for those without extended health benefits and have therapists available across Canada for those who are able to access benefits or pay out of pocket.
Running a business can be overwhelming, especially when facing both personal and professional struggles. By reaching out for professional support, you ensure that you aren’t navigating the journey alone—and you equip yourself with the tools to remain focused, resilient, and successful during challenging times.
Building a Thriving Future
Navigating uncertain times as a woman entrepreneur isn’t easy, but it is possible. By leveraging your community, staying flexible, embracing your resilience, and investing in yourself, you can transform challenges into opportunities for growth. The road ahead may not always be clear, but with the right mindset, strategy, and support system, you will emerge from these difficulties stronger, more creative, and better equipped for the future.
Trust in your ability to adapt and remember that your resilience is not only your strength but also the strength of your business. Together, women entrepreneurs continue to show that no matter the obstacles, success is always within reach. Keep moving forward and continue building the business and future you’ve always envisioned.
Maureen Codispodi, Founder and Director of Help Clinic Canada, is a force of change in the landscape of mental health support in Canada. As a seasoned mental health and education professional, she is committed to breaking down barriers to mental health services and, with the support of her team, is making an impact in the lives of Canadians.