The VUCA Economy and how you can pull through it.

In 1987 when USA & Russia were having intense tensions in economic relationships, global trade experienced what became a term called VUCA. VUCA stands for VOLATILE. UNCERTAIN. COMPLEX. AMBIGUOUS.

When COVID-19 happened, we were dipped again into a VUCA economy and many businesses have literally suffered because they did not prepare.

Yesterday, while sharing VUCA with one of my corporate coaching retainership services, I shared some strategies that can REDUCE the impact of VUCA on your business.

VOLATILE: the economy is ERRATIC and UNREASONABLE. Every strategy you thought you knew may not work now because there is so much happening at the same time across board.

How to protect your business: build an ecosystem around your business… patronize those who have what you need and get them to patronize you in return. This is when to patronize your friends and have them patronize you in return, for products and services. This creates a poverty-proof for your mutual businesses (all your networks combined). THIS IS THE WRONG TIME TO ACT IN SILOS OR TRY TO BE MACHO.

UNCERTAIN: the economy is NOT RELIABLE; it is NOT GUARANTEED & it is UNPREDICTABLE. The customers you always had may become unable or incapacitated or absent towards your business.

How to protect your business: this is when your EMOTIONAL INTELLIGENCE & EMPATHY should increase. This is when businesses and business owners who care and have always shown love to their customers will be grateful they did. This is when to move your customers from the uncertain quadrant to the certain quadrant; meaning SECURE YOUR CUSTOMERS BY KEEPING THEM GRATEFUL FOR HAVING YOU.

COMPLEX: the economic indices are complex. It is almost not straightforward anymore. The trends and charts are non-linear and also very convoluted.

How to protect your business: this is a communication opportunity. Every single service and product you are marketing should be done in a VERY SIMPLISTIC method. Be as literal and simple as possible. I have personally seen a huge difference between being simple in words and being bogus with words. The conversion rate is way higher with simple words. So I suggest that you LEARN how to write, speak and communicate in very simple words and terms.

AMBIGUOUS: the economy is UNCLEAR & cannot be PREDICTED EASILY. In fact, many customers may feel MISLED by your earlier strategies because the more you propose, the more off-track some outcomes are. This is the opportunity to show INTEGRITY.

How to protect your business: be careful what you communicate. Be clear what you are communicating. Do what you say. Validate the outcomes you’re promising. Be sure the customer is receiving what you are saying how you INTEND it to be heard. Be ready to be with the customers until they are satisfied. BE AN ASSURANCE FOR YOUR CUSTOMER.

This message has worked for all my brands and that is why despite the economic stress, we have kept our growing numbers. It will help you, if you learn how to use it.

Protect your business today. And thank yourself later.

m a k t u b!!!

SO