Life is uncertain and yet we manage, usually with optimism.
However, when it comes to business, our attitude is different. We want security for our business without political and economic turbulence but this has never been the case – either markets, politics or the competition has nasty surprises in store.
If you have a strategic plan, it is easier to start adapting to uncertainty. Coping with uncertainty is a business hazard and planning is essential. In my view there are are two methods to use to steer your business through uncertain times.
1. Focus on strategy and scenario plan for multiple outcomes
If you have your strategy planned out, carry out scenario planning and work out models on what may have happen under different scenarios, be they political, economic or competitive changes affecting your market place. Identify the sources of potential impacts and model your business outcomes and changes based on those. You can then adapt your behaviour and your business to suit the circumstances. Scenario based planning is a topic by itself and is worthy of a separate blog.
2. Shape the agenda
This maybe easier said than done since maybe only the larger businesses can get the ear of the political leaders and policy makers. However, even in a community and in your market place, your views will be heard if you’re willing to go out and speak.
The interesting thing as in life, is that every cloud may have a silver lining and by being prepared, you could turn potential adversity into an opportunity.