Uncertainty in your Business!? Ways to deal with this most unidentified problem of every business. | Sai Sathish
Uncertainty: According to Wikipedia, Uncertainty is defined as “The lack of certainty, a state of limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome.”
Uncertainty in Business: Almost every business finds great discomfort in uncertainty. Uncertainty in how new trends will impact the business, uncertainty on how competitors are winning the share, and uncertainty about what would be the next disruption in the industry, uncertainty on how the economy would impact the business, uncertainty on where customers attention is moving.
Key to deal with uncertainty is to balance the need for a more strategic, short-term focus with a vision for informed, long-term strategic planning. – Sai Sathish
Why do I say Uncertainty is one of the most unidentified problems every business do have?
There's simply no real way to totally get ready for the fate of your business. Everything you can do is stick to current patterns, never make assumptions without seeing facts and numbers.
Uncertainty is the most common issue to the business globally and yet fail to overcome it because it is not controllable.
For instance, Investors need unsurprising benefits and will rebuff organizations that sway all over. Managers need responsible employees who they can trust to complete things. Customers need to manage firms that they can make sure will be around one week from now. And for a fact, uncertainty is controllable if you identify this as a problem and create opportunities from them.
Some of the factors that cause uncertainty:
1. Economic uncertainty
2. Ever-changing Market Trends
3. Price competition
4. Changes in prices for raw materials and components
5. Exposure to customers and suppliers
6. Variations in demand
7. Shifts in consumer behavior
8. Rapid Technological Evolutions that impact
9. Fluctuations in foreign exchange and interest rates
10. Natural disasters
11. Competition
12. Execution of Management Strategies
13. Business Dynamics Globally
14. Mergers & acquisitions that impact your industry
15. Innovative start-ups that occupy huge market share with innovative services or products
16. Legal restrictions
Thanks for watching!
Sai Sathish
#saisathish #businessstrategist #business #entrepreneurship #marketresearch #uncertainty
Sai Sathish is a business strategist. He helps enterprises assessing goals, determining actions to achieve them, and mobilizing resources to execute and grow incrementally.
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