In the world of business (and life for that matter), uncertainty is often viewed through a negative lens. It causes stress, anxiety, and can ultimately lead to failure. Even so, uncertainty is a natural part of any business cycle. It is unavoidable, but that is okay! Here are five reasons you should EMBRACE uncertainty.
Opportunities for Growth
Everyone must figure their way out of a jam at some point in life. Uncertainty hovers around and seems to never go away. But in many cases uncertainty will present opportunities. Growth and innovation can come from uncertainty. “Think outside the box” as the saying goes can provide a platform for new solutions to the same old problems. Leadership and growth often come from uncertainty, as well as new products and services.
“You have to be very nimble and very open-minded. Your success is going to be very dependent on how you adapt.”
Uncertainty forces businesses, and individuals for that matter, to be adaptable. Pivoting is a word often used to remind us that uncertainty can hit at any time. Responsiveness to outside factors, such as global pandemics, war, political changes, death, job loss, and client loss is required. Staying relevant and competitive are the keys to success, and adaptability will help you achieve these ultimate goals.
Risk Management plans help prepare for uncertainty. Potential risks and strategies need to be mitigated and risk management can provide assurance before uncertainty happens. As Warren Buffet said, “Risk comes from not knowing what you’re doing.” While he was likely focused on investment risk, the same concept applies to pretty much everything you and your business are doing. Knowing what you are doing includes being aware of potential risks, and making sure the strategies are in place to counter them when they arise are keys for success.
Experience is key in many aspects of life and uncertainty creates experience. Looking back at past experiences with uncertainty and how they were dealt with create countless learning opportunities. This process also helps to improve future strategies for dealing with uncertainty.
It seems that we are always in the best of times and the worst of times! Depending on your view of uncertainty, success for your business is right around the corner or miles away. Winston Churchill once said, “If you’re going through hell, keep going.” What he is saying here, is that your resilience will be stronger if only you keep going. If handled correctly, resilience can be a result of uncertainty and Resilience will make you and your business stronger and better equipped to handle future challenges.
Uncertainty is a natural part of business. Even so, uncertainty should not be feared. Tackling uncertainty is key to business success. In fact, uncertainty presents opportunities for growth, adaptability, risk management, learning and resilience. These are the reasons to embrace uncertainty and push through the challenges faced in business.