Do you dread uncertainty? You are not alone; it is a fact of life. However, uncertainty in business can be a good thing.
Uncertainty is a significant part of the human experience. Fear and anxiety start to take hold when uncertainty collects in your mind.
One of the keys to success is to learn to accept the uncertainties of life.
Accept It
The only absolute certainty in life is that uncertainty will always be there. It is a basic human trait that keeps almost everything in our lives in check.
Most of us dread the unknown. Uncertainty is about the unknown; it means risk, leading to worry. Generally, we all try to avoid worrying.
The Covid pandemic gave us a new perspective on life, changing our world view.
In business, the global supply chain drastically slowed. Labour shortages resulted in salary increases and caused devastation to many small businesses. The pandemic made uncertainty an unavoidable part of daily life.
VUCA
Uncertainty is standard in volatile ecosystems with complex structures and unpredictable interactions. We live in a multilateral world that comprises four elements; volatility, uncertainty, complexity, and ambiguity (VUCA).
As business leaders, we must embrace VUCA. VUCA creates a conducive environment for managing and leading.
We should, however, also understand that ‘uncertainty’ is a feeling, which is a psychological reaction to emotions shared by all human beings and hard to control.
Impact on SME Businesses
Most management methods are about being focused, moving forward consciously, and controlling our destiny. In today’s climate, that is a last-century, standardised, production-led model. It wasn’t functioning very well at the end of the last century and isn’t doing well now.
The uncertainty of the past two years has demonstrated that small and medium-sized businesses can compete with big enterprise. Uncertainty creates the possibility of prosperity.
SMEs are excellent at paying attention to their consumers and listening actively. It is essential to treat consumers or customers as individuals and not numbers.
It has been essential to listen to your customers during the past two years. The pandemic created uncertainty, and consumers turned to businesses that listened to their concerns. SMEs are ideally placed to do that.
They are also excellent at listening to their employees. We should treat our employees as we would want to be treated ourselves.
This approach by SMEs assisted them to recruit and retain talent during the pandemic, making them less susceptible to the uncertainty of the labour shortage it created.
Uncertainty means we must be adaptable, robust, and fully alert to preserve our position. Each is an important factor in business success, making uncertainty a positive influence.
When we embrace uncertainty, we work with our clients to establish agile, flexible, and resilient businesses
No Limits
When we demand certainty, we limit personal and professional progress.
Taking on the unknown isn’t a dangerous deed. We all have to do something new sooner or later.
Remember, leaning into uncertainty isn’t such a bad thing. It is better to fail, fail again, and fail better than not to try.
Think back to when you got started in business. You faced uncertainty then, but with an open mind, you moved forward. You had an open mind to learning new things and unlearning things that didn’t work. You were prepared to pause, assess, and change when necessary.
Each of these is a positive move in business and exist because of uncertainty.
Instead of being overwhelmed by uncertainty, use it as an opportunity to take stock, make plans and introduce actionable steps.
A successful enterprise is agile, flexible, and resilient so it can respond to shocks effectively.
Final Note
Don’t pay so much attention to your competitors. At times of uncertainty, it is tempting to see what rivals are doing well and follow them. It is a way of trying to return to certainty and control.
Instead, keep your focus on your business, customers, and staff. Embrace the uncertainty and find opportunities for greater success.
