‘Nothing is permanent but change’ might be an old adage; yet,
always relevant in the world of business and entrepreneurship. The changes in
the business ecosystem is constant as
well as inevitable. If you've been a part of the business environment, you will
know that at any moment of time, circumstances can change and unforeseeable
events can occur. There is no doubt that even though as entrepreneurs you
desire to control your circumstances, uncertainty is unavoidable in business.
The conditions may seem unfair and daunting, but remember that
most people in the ecosystem will be exposed to the same effects as you.
Economic conditions, shifts in customer behaviour, political changes, changes
in policies etc are some of the many uncertainties that are bound to affect the
businesses. While there is no way to predict the future, you can always make
smart choices and prepare well to deal with it. Some of the ways to stay strong
against the winds of uncertainties that might be blowing in your direction are
-
·
Rather than trying
to make one guess as to what will most likely happen, focus on multiple
scenarios. Place many small bets on a variety of options so that you are
prepared for most circumstances.
·
Encourage the flow
of ideas. Brainstorming about potential changes stimulates understanding about
what to do under nearly any circumstance.
·
There will always
be certain predictable or calculable elements in any of the situations and it
would be helpful to find and target them.
·
Provide certainty
of process to the stakeholders and employees. Even if you can’t tell people
exactly what the outcome will be, you can always provide clarity about the
situation when information is provided.
·
The support that
peers and partners provide during the unstable times will be the backbone of
your recovery process. The best investment you can make for future stability is
building relationships.
·
Don’t fixate just
on the final outcome of the project, but take into account the quality of the
process that went into its planning, preparation and execution. The lessons
from each process that you have done will prepare you for the future.
·
Be flexible and
agile to the changes happening around you. Empower your organization and your people to act swiftly
and decisively in the face of any impending change.
No doubt, to face the industry uncertainties you have to prepare
for failure, success, and everything in between that two ends of the spectrum.
Focus on doing the right thing and understand the ecosystem in which your
company lists in. Having a clear idea of
a company’s space in its ecosystem can help forecast its market strengths and
challenges during a change.
As with the fact that nothing endures, the uncertain times will
also pass. What marks the difference between your business getting stuck in the
uncertainty and emerging triumphant, is whether the management communicates,
improves, engages, invests in relationships, and remains true to values and
ethos of the company. An uncertainty can also be viewed through the prism of
opportunity. Adopt an attitude that accepts and welcomes change as the stepping
stones for future opportunities in your business and entrepreneurship.