How Can Businesses Thrive Amid Uncertainties
In today's global business environment, companies are facing an unprecedented level of uncertainty. From geopolitical tensions, such as the ongoing crisis in Ukraine and the trade war between the United States and China, to natural disasters and pandemics, and the current era of global boiling, with July 2023 on track to be the world's hottest month on record, firms are constantly challenged to adapt to changing circumstances. Companies and organizations of today must not only find a way for their business to survive but thrive in their market.
REINVENT THE WAY COMPANIES DO BUSINESS
Professor John Katsos from American University in Sharjah has interesting suggestions. To navigate the uncertain landscape, businesses must adopt a strategic approach emphasizing community participation, action beyond government guidance, and value-based political activities. Firstly, companies must uplift every stakeholder, including employees, customers, and suppliers, to strengthen the entire ecosystem. Secondly, companies should take action beyond government guidance, with speed, ethics, and values, to demonstrate their commitment to their stakeholders. Thirdly, businesses must engage in value-based political activities that align with their values and mission.
RECOMMENDATIONS IN ACTION
In implementing these recommendations, companies can draw inspiration from others who have successfully navigated uncertain times. For example, many businesses demonstrated community participation during the pandemic by supporting their employees and customers. For instance, Amazon increased its employees' hourly wages, paid sick leave, and overtime pay during the pandemic and provided relief to small businesses selling on their platform. For another example, Patagonia had taken action beyond government environmental regulation by committing to environmental sustainability and social justice issues that align with its mission.
Thriving amid uncertainty requires a strategic approach. By uplifting every stakeholder, taking action with speed, ethics, and values, and engaging in value-based political activities, companies can survive and thrive in uncertain times. As the global business environment evolves, companies must remain agile and adapt to changing circumstances to maintain their competitive edge.
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