B E N C H M A R K I N T E R N AT I O N A L
BUSINESS: THRIVING IN UNCERTAIN TIMES
B US I N E S S
Benchmark International
THRIVING IN UNCERTAIN TIMES
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Uncertainty within the business environment is a common occurrence and its magnitude varies according to different situations. Like the weather, individuals and organisations tend to have little control over uncertainty, as its severity can rise and fall. In the modern business environment, entrepreneurs and business leaders have to navigate through the uncertainty brought about by the COVID-19 pandemic.
Leaders who want to successfully manage during uncertain times should consider the following:
A DY N A M I C S T R AT E GY
INVEST IN THE WORKFORCE It is common for companies to reduce headcount or freeze new hires during periods of uncertainty. While this makes sense, the broader need is for employees to have the skills required to perform in the changing environment. Investing in the development of staff can be more cost-effective and lead to greater efficiencies.
Benchmark International
When the business environment is unclear, it can be hard for a business leader to project the way forward. This means they must be clear about what is possible given the landscape and what they will not do. Strategic decision making must be dynamic and incorporate some level of probability, which is important to build a competitive advantage. The use of data and technology is key to building a dynamic, resilient roadmap.
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To l e a r n m o r e a b o u t t h i s t o p i c , v i s i t t h e Benchmark International blog.