This is the ninth bulletin provided by Vernon Litigation Group to support local small business owners and help navigate the challenges of staying in business, supporting employees and clients, supporting the community, and positioning the business for growth and success on the other side of the COVID-19 crisis.
Volatile, Uncertain, Complex, or Ambiguous
“VUCA” refers to situations and environments that are volatile, uncertain, complex or ambiguous. For most small business owners, the novel COVID-19 crisis undoubtedly fits the bill. Unfortunately, COVID-19 does not come with a “how to” playbook for responding to the developing issues and concerns that come along with a pandemic, which is forcing many small business owners to wrestle with finding the right balance between extreme caution and overreaction.
COVID-19 is demanding that small business owners be positive change agents and escape from traditional norms and archaic approaches to management, leadership, and routine practices and procedures. As such, newer, more flexible, and pragmatic business processes are crucial to managing the COVID-19 pandemic. On the bright side, amid COVID-19, there are opportunities for education, reinvention, and evolution. By focusing on vision and innovation, decisiveness, transparency, and agility, small business owners can develop guidelines to offset and stabilize the complex risks and threats of VUCA, and can help to turn them to their advantage (and mitigate damage and promote recovery).
Proactively Manage Your Recovery
The ability to survive (and thrive) in a VUCA environment will depend on how well small business owners process the reality of the situation. By proactively preparing and planning, remaining attentive to environmental prompts and cues, and laying the groundwork to effectively restart and recover, small businesses will be in a stronger position to manage this VUCA environment and weather the COVID-19 storm.
If you have any questions or require further assistance to help you navigate through these difficult times, please feel free to give us a call. We are all in this together.
Vernon Litigation Group represents businesses & individuals throughout the United States who have financial disputes, including cyber litigation, securities litigation & arbitration, business & commercial litigation, financial advisors & employment disputes, and FINRA arbitration.
For more information contact, Brooke Sandoval-Banker email@example.com or call (239) 319-4434.