Every business must continuously review, reassess, and revalidate its strategies since the context that they operate in does change. The strategies businesses adopt would change depending on the circumstances that the company is in and the environment in which they operate.
In today’s VUCA (Volatility, Uncertainty, Complexity and Ambiguity) world most businesses are challenged and have to keep adapting themselves to stay relevant and competitive. The more complex and volatile an industry that you are in, the harder it will be to predict and, therefore, the more uncertain it will be. What varies mainly is how much you know about the situation and how accurately you can predict the possible outcomes.
It’s important that for a business to carry out a successful business strategy in a VUCA environment the leadership must embrace what they don’t know, and accept that things may quickly change. This has become a huge part of strategic planning and execution. Flexibility and Adaptability are key must-haves for survival and sustenance.