Let’s be honest, no matter who you are or what you do, when things are going well it can feel like they’ll never go bad. You’ve made it! The peak of the mountain top! Then you realize that the mountain is a volcano and it’s time to move. This metaphor sounds more like something out of a movie, but any entrepreneur will be able to connect it to experiences they’ve faced. 

When a situation becomes volatile, there is guaranteed to be scenario-building and anxieties that follow. What is specifically important to focus on is the fact that unexpected change and downturns can be discouraging, steering you away from your goals. Additionally, it can lead to making rash decisions that don’t support an optimal future for you or your company. The list of issues is long, and businesses certainly do not want any of the symptoms on it.

So what does someone do here? Is this leading into a cliché “never give up” speech? No, we are talking about fight or flight with your business here. When there’s an inability to continue with current methods because of change, it means the organization needs to make its changes. This is when professionals need to perform and adapt to the situation. If you think about it, every business model stems from a problem that needs solving, but all problems are subject to change.

The most effective tactic in times of uncertainty is to prioritize and execute. This is a straightforward concept used to handle overwhelming situations. The concept involves evaluating what the most pressing issues are, ranking them, and then handling them one by one. By doing this, you avoid the trap of multitasking which tends to result in subpar performance. You also avoid worrying about the things you can’t control while actively working to handle the things you can.

Whether your uncertainty is regarding the economy, consumer interests, internal decisions, or fill-in-the-blank, here are some mistakes to avoid:

“This is how we’ve always done it” 

This is a very toxic statement when it comes to change, take the fallout of Blackberry (then RIM) not moving to touchscreen phones for example. It’s normal, especially as a business owner, to want to stick with the course of action you’ve envisioned. However, a true professional understands that aspects of plans will inevitably change. Realistically, what’s most important is meeting the goal, everything in between is a game of trial and error.

Handling Problems Individually

Remember that companies consist of numerous departments that allow the business to function as a unit. Everyone will have their say when dealing with problems as everyone has things they need to do their jobs effectively. When times of uncertainty are not communicated to the team or if their needs are not taken into account, this starts a domino effect of problems. The same concept must be applied to consumers. If issues are pressing and they will disrupt the production of services, this should never come as a surprise to your clientele.

Ignoring Competitors

When external factors create uncertainty in the market, paying attention to where the industry is focusing efforts is important. Again, the example of Blackberry acting confined to their ways when there’s changing consumer interests is a perfect example. This is not to say companies must copy each other (though they often do), rather, teams should pay attention to the storms facing their industry and find ways to navigate. Of course, organizations can also use competitors as an example of what not to do. Everyone wants to stand out from the majority; the ones who succeed in this never take their eye off what’s going on in their market which leads to the next point.

Ignoring Consumer Behaviour

What your company offers is not one size fits all nor will it ever be. There will always need to be tweaks to products as people’s interests change constantly. Examples can be seen with Coca-Cola. They have a variety of products to tend to people’s interests (eg: lose weight = Coke Zero). Another one worth noting is Taxi services. The game was changed with things like Uber or Lyft which cater to the desires of mobile convenience.

Takeaway

It’s important to realize that there will always be a change in your business, the economy, the political spectrum— you name it. The future has never been and will never be the same as the present. To thrive as a business you must not run in times of uncertainty but rather stand by it and serve as best you can. Uncertainty is present every day, you don’t know what will happen 15 minutes from now! All you can do are the things that you believe are preparing you for what's to come.

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