MY HOT TAKE: Seize the opportunity, don’t give in to the fear.
The current economic downturn has opened a world of chaos that has been unknown to nearly us all. The time to plan seems a scary process for many leaders working in very uncertain times.
VUCA, short for ‘volatility, uncertainty, complexity, and ambiguity’ has become a buzz term that many leaders are now using to distance themselves from tackling future strategy decisions. It has grown to be a throw-away phrase, just like ‘unprecedented times’ and ‘the new normal.’
The unpalatable truth of running a business in the times we find ourselves in, is that many business owners, directors, and managers across the globe have to make difficult decisions every day that they never thought would come.
Some companies have benefited from this period without a great deal of effort – think Amazon and Zoom. However, they are still the exception as many small business owners, lawyers, engineers, surveyors, doctors, and the list will go on, are faced with chaos and hardship.
Genoa Black works with decision-makers, advising on many of the unprecedented issues they now face. A majority of our clients come to us from a feeling of fear and not a sense of opportunity.
As part of my Hot take, I wanted to ask you two questions:
Can you see the opportunities for your business in a VUCA world?
Ask yourself; can I make a change which allows me to seize opportunity for my business?
It won’t be easy. Our experience at Genoa Black, consistently shows that change of this kind isn’t easy. However, for many of you reading this, it should be a very real and imminent consideration.
Here are some of the avenues I have explored with my clients within the past six months:
- How can I stay relevant, I see my competitors having a bad time?
- Can I hire better talent for less investment?
- Can I invest in my current team?
- Can I target customers easier due to digital tools?
- What curve do you need to get ahead of?
- What new behaviour could you explore?
- What from your past that is relevant now?
- Could you invest in this climate?
- Can you collaborate or merge your offer with others?
- What is the impact of further cost-cutting?
- What is the ROI on marketing spend?
- How will the ways of working change?
- What new markets have opened up?
- A digital transformation?
- Rethink your supply chain?
If you can see an opportunity which you’d like to seize for your business, or need help shaping your future strategy, then please get in touch.
- Connect with Rob Potter on LinkedIn.