Let’s face it. The world is changing. Quickly. And if we’re not holding on, and changing with it, business is going to very quickly get left behind. And it’s no surprise that businesses who are on the forefront of huge growth face even bigger challenges. Where they are about to undertake massive steps towards a new phase in their business worlds, the uncertainty of the environment in which we find ourselves weighs heavily on many business leaders’ hearts as they try to navigate unchartered waters.
We look at 5 strategies to deal with uncertainty when it comes to business
1. Prepare for Multiple Outcomes
Try as hard as we may – very seldom does it happen that what we hope to happen in business, ends up being the final destination. Although we may very well get to our planned and desired outcome, the course to get there very seldom fits our planned journey. When it comes to planning for the future – whether you’re looking to enter into a fundraising effort, or trade publicly, or whether you’re planning your exit strategy, dealing with uncertainty is best dealt with by planning for a number of varying outcomes. You’d need to think through key factors that could affect your business, and plan your strategy based upon business agility and focus. You’d want to be looking at possible threats and opportunities that could steer your business into new directions. Ensure you have a backup plan if things do go slightly wrong. If you don’t ever need to use it, then great. If you do – then you have the peace of mind that you’ve thought the scenario through, and you’re ready to adjust.
2. Remain Flexible and ready to move
The true art of business agility can probably best be compared to one of the greatest boxers of all time, Muhammed Ali and his mantra of floating and stinging. If you as a business leader, are not prepared to be agile and adapt as the market takes you, you risk being left behind very quickly. Change is nothing to fear, but rather something that presents opportunity – whether that opportunity is to learn or grow, your acceptance of change and your proactive approach will be the skill you need to handle any possible outcomes that lie ahead.
3. Identify a set of clear strategic signposts
As a business, you’re probably very accustomed to setting yourself a target. Whether it be short-term, or long-term, targets are the focus points you need to be able to keep your vision and focus in tact in order to get from A-B. On top of your business strategy, why not set yourself a set of clear strategic signposts. Things that will indicate whether you’re headed in the right direction, things that will remind you of the journey you’ve already undertaken, things that will encourage you when you face challenging times.
4. Accept and embrace change
Accepting change starts with taking a decision. A decision that may be as simple as deciding to email a prospective business partner, or make a phone call. A decision that may be as complicated as pursuing business funding or not. Uncertainty can lead to indecision and if you’re not willing to change, and base new decisions on your embraced change, you face unnecessary business confusion and stress – which will keep you far away from your desired outcome. Remember – successful businesses assess the situation, plan, keep focussed and make decisions to take action in order to continue moving forward.
5. Align yourself with the right business influences
When things are uncertain – there’s usually that one person that we reach for the phone to call. But for many businesses, sometimes their only hope for any kind of business advice or leadership is someone whose interests lie somewhere else – and inevitably, advice is based upon personal opinions, and second-guesses. If you’re about to embark on a new business journey, make sure that you’ve aligned yourself with the right business network or support structure who are focussed on 1 thing: YOUR success. Their vested interest will be in seeing you succeed. Choose wisely.
For more information about how CFPro Ventures can help you to navigate business uncertainty, talk to us today.