Uncertanity in the business world ! BUSINESS MATTERS


 If there's one thing that's certain in business, it's uncertainty.

Stephen Covey


Defining the word uncertainty as to any event that has negative outcomes  same as in terms of business but bit logical, 

Uncertainty in the business world can be defined as something unpredictable circumstances faced by businesses in the past or in the future that had or will have negative outcomes on the life cycle of business

We are very familiar with such circumstances very much alive example of such uncertainty is the effect of Covid 19 on the business cycle.

It was totally unpredictable when we heard the news on the tv that a virus outbreak happened in china. We were not prepared at all First, It was considered just like the flu, but from the broader perspective

We were about to face another pandemic, a disaster not just for the common people but for the business world that changed the face of conducting business. Such events usually appear on the face of the earth once in a century 

We were not prepared for it what could possibly have prepared us for covid outbreak 2k19

The most affected sector of business was manufacturing firms. capital,  labor & organization are the pillars of production. Taking out any factor of production makes it difficult to run it properly or unable to run it at all But the beauty of it was that business responded practically. 

First, they focused on the safety of workers because without them there were 0% chances of moving forward in such a crucial time the recruitment was difficult so they ensure the safety of their works

By altering the team structures and working methods to minimize the chances of contact across the workforce. 

One way was the minimize use of workers at a time with a concept of the pod for all on-site with early defined limits tasks so to physically and socially separate from each other as much as possible

They minimize the use of workforces by removing the unnecessary floating workers by assigning their work to the ones necessary in simple words only one or two instead of four-person are responsible for bringing in the material the inspection and the production line

They divided the workforce into parts who were responsible for the duty on their shift to limit the contact the important factor here was the strong communication among them

But on the other hand, it brought innovation to the business world which was the digitalization of business

With the concept of remote working. Businesses were forced to go digital almost overnight which presented opportunities as well as challenges for senior leadership teams.

 

 

 


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