Name five factors a company should use in order to cope with uncertainty
There are a number of factors that can help a company or an entrepreneur deal with an uncertain business environment and the choice of factors depends on a number of parameters.
Here are some useful factors to deal with uncertainty:
- A comprehensive strategic approach: Many a times, lack of a comprehensive strategic approach means the company is searching for a path when something unexpected happens. A clear vision and road map to get there should always be there to hang on to in changing environment.
- Investment in Human resources: Nothing is more important than human capital. The product will only be as good as the people who make it. Finding, training and retaining the right talent should be one of the top priorities. The right set of people can more often than not come out with solutions to tough conditions.
- Building Trust and brand value: Company needs to develop a set of dedicated clients and nothing attracts them more than trust and a brand value. One should evaluate the policies in the long-run so as to generate trust of your employees, clients and market. And if you do that, you will never be alone and your trustworthiness will lead people to help you weather any storm headed your way.
- Agility to adopt to a changing environment: No one can claim to predict the market, one must therefore be ready to embrace challenges and be ready to adapt as soon as possible. If the market changes, so should your products to suit the new needs. For ex: a software development company should be willing to jump to hardware if the need arises or market shows promise (Read Apple and Google).
- Strive to develop a quality process: It's not only the product that matters, but also the path to it. A quality process can help you alter the product/service as per the market needs. One should invest in, identify and sustain a quality process.
No one can predict the business environment, but one can always prepare to weather the storm.