Developing your business strategy to successfully adapt in a challenging VUCA environment? It's possible with these 4 steps.
The context in which we have been operating for the past several months has all the hallmarks of a difficult VUCA world. However, this should not prevent us, as a company, from dreaming big and succeeding. So here are some tips to boost your strategy and accelerate your business in a seemingly difficult period of time.
The term VUCA is an acronym that stands for Volatility, Uncertainty, Complexity, Ambiguity. It was first used in the military to define the four difficulties soldiers face during their operations. Democratized in the working world in the 2000s, it now describes difficult contexts for companies. After taking a closer look at the current state of the world, it is apparent that the ongoing pandemic meets all the VUCA criteria. Here's what these four components correspond to:
Despite the complicated nature of VUCA contexts, there are, as in any situation, benefits to be gained. Here is an overview:
In conclusion, there is an opportunity to learn from each component of VUCA and for this context to evolve sometimes even faster than in another situation.
It is quite possible to benefit from a VUCA context. As seen previously, this context can even be favorable for a global rethinkingof the company's strategy. We take stock of the 4 steps to follow in order to accelerate your business.
Before changing your entire strategy, ask yourself the following question: Why question it? By answering this question, you identify the first weaknesses of your strategy. Focus on this during your transformation.
It is important to gather the opinions of as many people as possible to gain perspective. By analyzing your teams' feedback on your areas that need improvement, you will be able to proceed in the most effective way possible. You will also be able to involve your team in the improvement process.
If you want to accelerate your business, the question of budget inevitably comes up. Maybe it's time to review your tools, their efficiency, and their necessity for your teams. By paying particular attention to your expenses, you will certainly find areas where you can save money.
On the contrary, an increase in the budget is to be considered if it is justified. To accelerate your business in a VUCA context, you have to take risks, play where no one else will. Take the risk if it will pay off in the long run.
Once you have identified your needs and defined your solutions, you can take action. Choose the goals you want to achieve by following the SMART (Specific, Measurable, Attainable, Relevant) method. With this method, you will have little chance of missing out. All of the cards are in your hands to achieve exponential growth!
Last but not least, communicate with your teams. This last step is essential!Informing your teams of the company's new strategy is essential in order to move forward together towards success. Everyone must understand the objective, the means, and above all their role in the adventure! Once your teams are informed and they understand the new strategy, the machine is well oiled and on it’s way to success.
As explained earlier, a VUCA context is the perfect example to illustrate learning. Although some people might be overwhelmed, it is an opportunity to grow by learning from stressfulsituations. Moreover, all of the skills mentioned in the benefits to be learned are soft skills that are increasingly sought after in companies. Soft skills include: adaptability, agility, learning to learn, communication and cross-functional management, etc. Continuous learning remains the best way to allow your teams’ skill-sets to progress in order to boost your business in a VUCA period.To learn more,we invite you to discover this ebook that explains in depthhow to transform your learning offer with these 4 key steps!
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