Coping with Change and Uncertainty in Business

Coping with Change and Uncertainty in Business

Coping with Change and Uncertainty in Business

Last updated date : April 29, 2022

Uncertainty is the only certainty. Uncertainty is scary. It can also lead to anxiety and stress. We face uncertainty in many ways in our life. Coping with change and uncertainty is possible. One such situation is our work or business which is also very uncertain. This article helps to understand how to manage uncertainty in business. Also, when we learn to cope with uncertainty, many opportunities come up in our life. This is also because we do not fear doing what we have to and instead work towards taking action of change.

Chapter 1:
Coping with Change and Uncertainty

Change is part of our life. We have to deal with change no matter what. Below are some tips to deal with change and uncertainty positively-

  • Accept and focus on only what you can control.
  • Have a realistic picture of the situation.
  • Structure and put things in order.
  • Planning and to prepare for any situation.
  • Look at positives and opportunities.
  • Be flexible to adapt to the situation.
  • Make decisions.
  • Be aware of your thoughts.
  • Ask for help and support.
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Chapter 2:
How to Manage Uncertainty in Business

Leading any business is challenging. There are lot of risks. Also, you need to take important decisions which might have both pros and cons. Any decision taken for the business might either give lot of profit or might not work at all. Giving the current pandemic, this uncertainty has been more. We feel anxious about what is going to happen next. But, the reality is that uncertainty is always there. Today it is in the form of the pandemic but in the future it can be because of political issues, environmental factors etc. But, the businesses which plan for uncertainty, can manage the situation of change better. They will also come out stronger from the situation than those who do not plan. This also helps in coping with change and uncertainty.

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Chapter 3:
Be Smart

How to manage uncertainty in business ?By being smart. We find it easy to ignore what is happening around us than to deal with the change. This strategy will work when the situation is under control. But, this attitude will not help to grow the business. Hence, planning is essential. On a priority basis a back up plan helps. A plan is also important for any disaster. We cannot prepare plans for every situation but having plans in place helps to feel more in control. For example, you know what risks your business has. So, creating a plan for the major risks helps to prepare oneself. We also need to be open to new ideas to keep the business strong.

Managing a business in time of uncertainty is not easy. But one is prepared and open, then it helps. Coping with change and uncertainty in business can be done by being smart.

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Chapter 4:
Try to Diversify Your Investments

One good way to prepare for uncertainty is to be prepared for many outcomes for a situation. Also, having strategies to address each situation also helps. We should also find and explore new ideas or ways to expand your business. Instead of guessing what might happen next, we should anticipate something is going to happen and try to plan. This also means we need to do lot of team-work and keep them motivated to sail through uncertain times. There might be times when a plan might not succeed but that is okay. You need to take it as a learning and move on this also helps in coping with change and uncertainty.

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Chapter 5:
‍Find Gaps and Opportunities

Every crisis has gaps or opportunities to improve. Companies which plan for situations can survive. We also need to think outside the box to build new services. We can also analyze every situation to understand the risks and gaps. A plan for it helps. Every situation also has opportunities to learn and grow. This analysis also helps to make changes to the plan. It also makes us create new plans. This also helps to understand in coping with change and uncertainty by planning what resources are needed, how it can be procured and what all needs to be done.

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Chapter 6:
Create Investment in Human Resources

More than material things, if we invest more in creating a good team is helpful. This team needs to be strong and can support in times of need. The ideas given by the team also helps in crisis. A good team support can help the company during uncertain times. Many team members are experienced and can give solutions which are helpful. A good team can also act as a mental support during difficult times. A good team support is essential to keep any business moving. The growth of the business lies in your team. During uncertain times, it puts the entire business at a risk but only a good team support can help you survive. Hence, investing in human resources helps in coping with change and uncertainty.

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Chapter 7:
Be Honest with Your Team

Honesty is the best policy. The more clear we are with our team members, the more they have trust in us. We need to communicate with our team occasionally but more so during uncertain times. This is also because during difficult times the team has many emotions. They are anxious and also feel restless. They also worry about whether they will be part of the team. People might also think if they will be laid off or not given a salary. Talking to the team about this and keeping them informed is essential. You need to inform them about what your plan is for the company. The strategies that are going to be implemented by you.

The communication between the staff and you should be very open and honest. The staff will also feel safe when you are open and honest with them. This will also make them support you and help in coping with change and uncertainty.

Dealing with uncertainty is hard. But knowing how to deal with it helps. Enrol for a course on our Epsych website to understand how to do it in the best possible way.