UNCERTAINTY: HOW A BUSINESS CAN SURVIVE SUCH TIMES.
If there is a new definition of uncertainty, 2020 has got to be that definition. Several uncertainties exist around life; and business is not excluded from it. Change is the only constant thing in life they say and it happens from time to time, with some changes recurrent, others one-off and some taking even the most proactive leaders by surprise.
Regardless of the changes that hit the world this year, causing several businesses to adjust and/or embrace new methods of doing business, to stay in business, you must move with the tide. As a business owner, you must learn to not only be proactive when facing changes but to equally receive it with a positive attitude to prevent it from affecting your growth and sustainability.
… but you must be fast and flexible in business because uncertainty is the only certainty in life. -Guler Sabanci.
Flexibility is an important trait that every forward thinking business should have. Casting things in stone will only impede the growth of a business because it simply means that the business will not adapt easily to change when necessary.
In times of uncertainty, it is important for businesses to also embrace and highlight their core values. This is necessary because despite the changes that are happening, the people and work culture should remain, especially if they fit the goal of the organization. When a business realigns their culture and core values, they ensure that all members of staff are in tune and understand where the organization is headed.
Every company should have a risk management plan for times of uncertainty. It helps the organization to quickly plan and change some course of action to fit the current state of affairs. It also ensures that the uncertain period doesn’t see the end of the organization but rather the company sees the end of the period and emerges better and wiser from it.
Like they say, ‘your network is your net worth’. Maintaining relationships with clients, customers and even employees can be different in times of uncertainty. Nevertheless, it is highly encouraged to maintain strategic relationships with your stakeholders as they are key to your survival as a business.
When there is uncertainty, it is very normal to try new things and new ways of doing business in order to adapt to the change. While trying new things, it is necessary to always sit back and evaluate the actions that have been taken to see whether or not they were for the greater good. Without proper examination of past actions, one cannot know whether to continue with them or not.
Paying attention to the numbers is a key aspect of business that will thrive in times of uncertainties. For a business to survive, the numbers have to be good.
Nothing is completely bad and so is uncertainty. Uncertain times bring about new opportunities that didn’t exist before as a business will now be opened to new ways of doing business and can even scale during these times. Several global businesses were formed out of uncertain times and existing businesses have actually experienced huge growth in those times.
Businesses should embrace uncertainty and find plausible solutions and ways to thrive during such times and like they say, ‘tough situations don’t last, tough people do’. Nothing lasts forever, and so, businesses should always keep their eyes on the goal, regardless of the situation at hand and make long term decisions so they can enhance their sustainability in the long run.
