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5 Things You Should Do Today to Manage Uncertainty in Business
Manage uncertainty and its related risk
- Control the “controllable.” Certainty is vital in business, but also elusive.
- How people cope starts with their attitude. Where there is change, there is opportunity.
- Learn by doing. Test a few things in a less risky environment first.
- The "Ready, Fire, Aim!" approach works well for small decisions. Opt to skip the months of market research that might improve the decision.
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Manage uncertainty and its related risk
- Control the “controllable.” Certainty is vital in business, but also elusive.
- How people cope starts with their attitude. Where there is change, there is opportunity.
- Learn by doing. Test a few things in a less risky environment first.
- The "Ready, Fire, Aim!" approach works well for small decisions. Opt to skip the months of market research that might improve the decision.
Unhealthy Ways to Deal with Uncertainty
- Throw up your hands and give up. Then risking it all on the next big move for the company. Learn to fail faster - take lots of smaller risks instead of one big one and get feedback quickly.
- Not wanting to make a decision at all because of fear of failure. Learning from failure is a valuable part of your education. If you make a couple of mistakes but outweigh those blunders with successes, you are okay.
Changing How We Evaluate Success with Decisions
... is critical in uncertainty. We too often judge people by the outcomes of the decisions instead of on the process that was used to reach them.
However, isn’t it better if people had an unfortunate result and a great process than someone who had a successful outcome but flipped a coin to get there?
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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...
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 understandable, acting in a pro-cyclical manner can be counterproductive. It can leave companies poorly positioned to benefit from the next stage of the cycle.
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 varied capabilities, and using traditional and digital levers to execute.
They must regularly engage in scenario planning with an array of options. They must build the capacity to be agile. They must learn to become more resilient to withstand strong external forces and quickly recover from setbacks.
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