The rate of change for business and life just seems to keep increasing. There simply is no way to be certain all the time.
In Carol’s recent post on Bank of America’s Small Business Community, “5 Ways to Address Uncertainty in Small Business Decisions,” she shares some tips for entrepreneurs on how to manage uncertainty. Carol begins:
“It would be wonderful to make business decisions based on 100 percent factual criteria, but how often are all facts etched in stone? Life is full of uncertainty.
Economic downturns can stop great customers from continuing to pay their bills. New regulations can suddenly prevent you from conducting business exactly as you have before. Some key employees may retire. These are just a few examples of the types of uncertainty that can affect your decision-making process.
Entrepreneurs are typically risk-takers by nature, but uncertainty can make or break many companies. Here are 5 ways to handle uncertainty when making business decisions.
1. Don’t let uncertainty stop you from moving forward
First and foremost, uncertainty should not put your goals on hold. If you fail to move forward with plans, your business cannot achieve success. A positive attitude helps you break through a stagnating thought process, so you can think clearly and make plans flexible enough to transcend the unknown.
When uncertainty looms, recognizing silver linings can help. If your go-to supplier shows early signs of unreliability, for example, don’t view the situation as upcoming doom for your company. With the right attitude, shopping for new vendors can be as exciting as a trip to your favorite retailer. You might find a vendor that’s better than the original one — and you’ll sleep better knowing that you have a backup plan in place.
2. Pre-plan for all imagined possible outcomes
Even when you can’t precisely predict unknown situations that can throw a wrench into your plans, you probably know what circumstances might pop up in the future.”
You can read the rest of the post here.