There is always some level of uncertainty in every market because unpredictability is a spectrum. Clashes between countries, environmental catastrophes and political situations can all cause disturbances in your business plans. Understanding that a time of unpredictability still presents growth opportunities is the key to strategically managing and leading your business towards success.
Here are three tips that managers and leaders can use to plan for a healthy future even in uncertain times:
1. To motivate the workforce
Unpredictability can create panic amongst people. The fear of unemployment and excess workload will damage the morale of your employees. So you should be visible around the office (or over Zoom) so they can see you working with them to find a way forward[i].
Including your staff in planning, briefing them on updates and appreciating their contribution will make them feel like they are a part of the solution, rather than just names in the company sheet. People are motivated to do their best when they feel like an essential part of the team.
Strategy: Communicate, offer support and show appreciation.
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2. To maintain business growth
Look at your business structure and determine how you can mould it to fit the current situation. A recent example would be the toilet paper wars at the beginning of the pandemic. Companies selling Bidets found an opportunity and strategically marketed their products as an alternative[ii].
You can start an online presence for your business, readjust your supply chain and take calculated action to continue your growth trajectory.
Strategy: Don’t take a defensive position when faced with unpredictable situations. Instead, learn as much about it as you can and make strategic moves based on your previous experience and market situation.
3. To plan the next steps
Creating multiple plans for the next steps is the way to go in times of unpredictability. The world can change very quickly and a lack of planning will let your competitors move past you. Utilise your risk analysis and strategic management knowledge to predict the changes based on previous examples.[iii]
Strategy: Avoid decision paralysis and use your experience to plan strategies for success by pinpointing a multitude of possible outcomes. Reach out to your audience to see where they stand, assess your competition and make decisions with conviction based on data and experience.
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Conclusion
You should always look at the full impact of the situation before taking any steps. Underestimating the level of unpredictability can be a colossal mistake. Because then you can’t create strategies which will bring the most success for your business[iv]
If you are a working professional you can learn more about how to create winning strategies and run a business in times of unpredictability by acquiring an online UK Masters in Strategic Management and Leadership degree from SNATIKA. Uncertain economic situations also lead to a competitive job market, and a Masters degree on your resume can help you land your dream job or the promotion you want!
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