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How to succeed in uncertain times

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https://www.strategy-business.com/article/How-to-succeed-in-uncertain-times?gko=d5465

strategy-business.com

How to succeed in uncertain times
Uncertainty is like the weather. It's always there, part of the atmosphere, and a condition over which individuals and organizations have very little control. The severity of uncertainty, like the severity of the weather, can rise and fall. At the moment, around the world, CEOs are operating under a series of severe uncertainty alerts.

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How leaders cope with uncertainty

Uncertainty is always there. The degree of uncertainty can rise and fall.

Leaders, being human, also have difficulty coping with uncertainty. When they receive confusing information, they te...

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Heuristics during periods of uncertainty

During periods of heightened uncertainty, leaders reflexively reduce investment, stop hiring, slash marketing, refrain from entering new markets, or stop making decisions.

Although understan...

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Attributes to succeed in uncertainty

Organizations should be inclined toward action. As a baseline, companies must strive to be fit for growth. This can be done by aligning costs with priorities and strategy, investing in vari...

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Dynamic strategy

When the environment is highly uncertain, a strategy has to be:

  • Defined: Using big data and machine learning allows for defining a set of plausible futures. ...

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Investing in the workforce

In times of uncertainty, if companies reduce headcount and leave positions open, they can miss out on filling critical needs and areas.

  • Companies must invest in efforts to ensure t...

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Focus on operational agility

Companies can act on the options they create only if their operations can support the execution.
It means understanding which operations and capabilities give a competitive advantage, and ensure...

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Create value with deals

Uncertainty tends to paralyze deal-making or push companies into transactions that are defensive and reactive.
In evaluating deal opportunities, companies that are reasonably agile to exe...

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Adjusting to tax and regulation reform

Many organizations have found that volatile shifts in tax and regulation impact their industry, their specific markets and the general environment for business.

  • In order to be resil...

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Capital strength

Finance has its own heuristics in a time of uncertainty.

  • Commercial organizations are often slow to react to changes to their forecasts.
  • Working capital often increa...

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Act now

If organizations can stop being so defensive and assume a more aggressive stance, they have a better chance of maintaining their balance and shaping their future.
It will take a lot of courage, ...

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Aim High

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Employers should lead the way

The pace and scale that technology disrupts is a social, political and business challenge.
Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.

Talent is the largest barrier

Talent is the largest barrier to the successful implementation of new strategies.

Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.

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