By Vaishnavi Kumar
If there’s one thing that’s certain in business, it’s uncertainty
– Stephen Covey
Uncertainty in Business is a given and can happen anytime. It refers to the unforeseen risks that you might face. A natural disaster might occur or there might be sudden changes in the political, economic, or technological landscape and new competitors might emerge in the market. All these factors add up and it becomes difficult to make sound decisions. Stress often aggravates things for worse. It’s important to maintain your calm and embrace uncertainty in your business with grace.
Here are 5 ways to deal with such situations:
Be prepared for every possibility– Operating a business has several outcomes, most of which cannot be predicted no matter how efficiently planned. Anything and everything can happen all of a sudden, and you will experience new things which might be difficult for you to cope with if not prepared. Of course, it’s not possible to be effectively-prepared. Having a resilient mindset and a backup plan goes a long way during uncertain times.
Cling to your uniqueness- Being unique can be demotivating and disappointing in some circumstances. Not everybody is ready to welcome new things. It takes time for people to accept and acknowledge your uniqueness. Have patience, but never lose your distinctiveness. Always remember the famous quote – “Your uniqueness is your magic”.
Go with the flow– All businesses have their ups and downs. A great day may arrive with huge profits and sales but you might not have even a single customer on other days. It’s alright for that to occur. Take a deep breath and go with the flow. Sit back and assess the situation thoroughly, before you make your next move with a solid action plan.
Have a bigger picture and focus on long-term goals– People always crave instant gratification and focus on short-term goals. It is important to understand that in businesses, a bigger picture needs to be created. Short-term goals might give quick results but they won’t last for long. Instead focus on setting long-term goals. The situation might look uncertain, but you can see results if you work consistently.
Explore ways to grow business – Research is the best way to deal with any situation. Do explore new tricks and tips to grow your business. Keep an eye on your competitors’ moves and about what’s happening around you. Read and gain as much knowledge as possible. This will prepare you to handle uncertainties that come your way.
These are some simple tips that might help you embrace uncertainties in businesses in a better manner. Let us know in the comments below how you deal with such situations.
This is great article in the Harvard Business Review on strategy for uncertain times.
Also read our post here on things to know before you start your Business