The world has been an ever-changing place, and the dynamic characteristic of our world is accelerated by the invention of IT technology and the internet. Over the past few decades, the rapid changes and challenges related to this sector are becoming more apparent. Homebusinessmag.com summarized that the top 5 business challenges in 2020-2021 would be data security, talent shortage, automation, cloud migration, and uncertain business environment as the pandemic unfolds.
In other words, while different challenges keep on emerging in different eras, our challenges today are mainly related to the development of our technology and the recent outbreak, which catalyzes the use of technology itself. Amid this landscape, business leaders must wisely plot strategy to navigate through a dynamic world. Since a business’s strategy is not always applicable to another, the more fundamental question would be: how can leaders make good decisions during uncertain times?
Past Lessons, Present Observation, Future Orientation
Making a wise strategy would require immense experience, keen senses, and clear drive for a certain goal. This is why we believe that business leaders should take into account the past, present, and future state of the business they’re leading. Past mistakes done by our team and others’ can provide valuable input for our strategy. Present assessment allows us to map our strength, weakness, and trajectory. Future goals will set a clear path when rapid changes make everything look foggy.
With great adversity… comes great opportunity
The bad news about a dynamic world is that everything changes. Everything you’ve worked so far can suddenly be put at a risk. The good news about a dynamic world, though, is that everything changes. If your business is having a bad day, it may be a sign of opportunities coming in. When plotting a strategy during uncertain times, it is crucial for leaders to think about how a business can grab emerging opportunities, especially when the business is under a lot of pressure.
Two Roads Diverged in A Wood…
In uncertain times, there will be challenges related to the integrity of a team. It is no secret that uncertain moments often force businesses to rethink their model and approach, and some team members may find it difficult to move on and adapt new strategies. Thus, different opinions must be taken into account when plotting strategies during crucial moments of change. In general, the new strategy will have to incorporate both resilience of the old model and flexibility to embrace the new ones.
…I took the one less traveled by…
Uncertain moments may call for decisive actions, and with opportunities pouring in, there might be a call for going against the current. A pivot may be one of strategic options that business leaders can take. This is by no means an easy trajectory. However, when done right, a pivot can save a company from its doom. Flickr and Slack are two companies which set good examples of how leaders can transform their businesses during moments of crisis, especially through commitment, ethical considerations, and creative imagination.
… And that has made all the difference.
Plotting the best strategy for your business at moments of uncertainty is far from easy. Whichever option you take, there will be some sacrifice to be made. Nonetheless, by learning from the past, assessing your current situation, striving for a goal, taking opportunities, reconciling differences, and considering the possibility of a transformation, business leaders will have a greater chance of plotting a better strategy that benefits as many people as possible.
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