Uncertain times, volatile markets, and changes in customer behavior can result in organizational paralysis. This can spell doom for any organization and, if leaders do not act in response, such uncertainty can shape its future. During uncertain times, companies can suffer from active inertia and are so deeply entrenched in their winning formulas that they become victims of their own success.
Being by assessing what you know about your industry, its players, and the immediate economic environment. Take into account some alternatives that profess some sensitivity when the factors driving volatility to cut “soft underbelly” approaches. Consider how governments will adopt regulatory frameworks, the impact on global economy and its interaction with the financial system. These will drive changes in strategy.
the foresight of your leadership bench to see emerging situations ahead and develop new solutions quickly to deploy new ideas. Avoid reckless, impetuous, uncoordinated, and futile responses.
Appraise a broad set of macroeconomic outcomes and evaluate strategic alternatives to make your company nimble, prepared, and quick to recover. Create practical paths to reach desired goals. During volatile times, leaders should not try to make every decision. Leaders should provide managers the right tools to help gather information and insight from around the world.
Seek explanation on what is commonly lacking in your company’s strategic thought process and implementation strategy. Organize the technological, macroeconomic, or legislative symptoms as long lasting or transitional by character. Then architecture the corporate process of enquiry and design alternative frameworks for responses. Use your decision-making capabilities to obstruct the “gut feel” line of attack for deciding a business strategy.