Uncertain times demand flexibility, mindset growth and industriousness from all stakeholders. Leaders need to set expectations and create a naturing, supportive environment that prompts people to do their best work. According to Harvard Business Review, most organisations are not prepared to steer their businesses through the crisis of the future: economic conditions, shifts in customer behaviour, inequality, and globalization.
Since the landscape of business changed, many HR trends evolved thus forcing leaders to act fast. Economic recession and shifts in customer demands are some of the reasons businesses eventually close shop.
A product that satisfies a need or addresses a particular problem today may not do the same as time goes on, so it is important to keep up with the latest trends and be on the lookout for new ways to thrive in future.
A book by John E. Katsos and Jason Miklian titled "A new crisis playbook for an uncertain world" suggests a three-pronged strategy that has helped businesses thrive. Firstly, partnering with the community. Working closely with the community keeps the brand alive and in the minds of customers. Engaging in programmes that uplift the youth like sports can make your brand be the talk of the town. Secondly working beyond government and lastly making principled political choices.
Maintaining an online presence is another way that has proven to help many businesses grow and thrive. We live in a digital world where people spend most of their time on the internet. Creating an online presence will effectively increase the chances of your organisation being discovered by potential clients. The use of social media platforms such as Facebook, Twitter and LinkedIn provide a wide audience of potential clients and an opportunity to let your business be known.
Practical tips for preparing for uncertainty in business:
✔ Evolve your brand and keep up with changing times- the best way to combat financial uncertainty is to stay abreast of economic indicators. This can be achieved by educating yourself on the general state of the economy and the decisions being made at the national level or globally. Regularly review your organisation services and customer needs to be in alignment with fundamental needs and demands of your line of work.
✔ Review your budget- first start by tracking your business performance to understand how previous challenges affected your results. Your financial plans for the coming year depend on the dying year so it is imperative to set realistic business goals and affiliate your company budget with these aspirations. It is highly advised for businesses to prepare for multiple outcomes that include worst-case scenarios, and these should reflect in your company's budget.
✔ Build solid relationships- during tough times solid relationships can be of great importance. Support from loyal clients and partners is the best investment for future stability.
The future is harder to predict than ever. With the right mindset and approaches, it can be dealt with in a way that strengthens your organisation.