Tuesday, 23 August 2016

Nurturing business ecosystems to deal with industry uncertainties.

‘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.

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