Your business is in its stride, revenue is better than ever and everything seems to be going smoothly. Then, all of a sudden, you lose a big client or investors get cold feet. “Reorganization” and even “downsizing” are being discussed. It’s clear there will be changes, but you’re not sure how to prepare for them.
VUCA (volatility, uncertainty, complexity and ambiguity) is a concept that is used frequently these days. Nearly all industries experience VUCA. However, there are fields that seem to be more affected by it. Here are a few examples of industries in which VUCA is prevalent and some tips for what organizations can do to mitigate its impact.
Technology and IT: Fast-Paced Advancements
We’ve all seen headlines about big tech companies conducting mass layoffs and personnel cutbacks. There are several reasons why the tech industry is considered volatile. By nature, technology is always developing. It can be difficult to keep up with fast-paced advancements in technology, which leads to increased market demands and, sometimes, layoffs of people who are deemed unnecessary to the growth of a business. It’s crucial for tech companies to be adaptable and scrappy in order to thrive within the industry.
Healthcare: Ever Changing
Regulation changes, technology advancements and the unpredictable state of public health can make the healthcare industry challenging to navigate. Healthcare institutions need to stay up-to-date and constantly informed to roll with the tide. It’s important to have on staff a professional whose responsibilities include research and policy-making.
Finance and Banking: Fluid Movement
If you’ve ever seen a stock market graph, you realize how the finance and banking industry can be a rollercoaster. Economic turns, inflation and even specific markets (looking at you, housing) have direct impacts on the state of this field. If your business falls into this category, it’s best to be resourceful and reign in spending to maintain liquidity during both up and down periods.
Retail and E-commerce: Consumer Demands
One minute, Birkenstocks are in. The next minute it’s Doc Martens. Are flannel shirts really always in style or is that just what Uncle Jerry thinks? Consumer trends change, almost unpredictably, all the time. In comparison to the traditional brick and mortar model, online shopping and e-commerce have sped up those changes even more. If you represent an e-commerce or retail company, having analysts and marketing experts on your team are critical.
If you’re in one of the above categories (and really in any industry), VUCA may always be a factor. Instead of stressing about it, wouldn’t it feel better to know that even in the most volatile and complex moments, your organization is prepared with the right strategy and systems in place to lead growth and success?
Crosworks has a team of expert coaches with experience in a variety of industries to help you and your organization to prepare for change and uncertainty. Find out more with a brief, free introductory phone call.