Uncertainty can create chaos but it doesn’t have to. As the leader of a business you may find yourself facing uncertain outcomes in your business that no matter how hard you try, you will not be able to predict the outcome. When considering your options you may want to give some thought to hedging your downside. Uncertainty means your business could potentially be exposed to a loss of customers, loss of income and maybe even closure. Making a decision to act in the face of uncertainty may be one of the best decisions you make.
The COVID-19 virus is having a devastating impact on the travel industry and as a result United Airlines has decided to cut its number of flights significantly while making other changes that will allow the company to be nimble as it navigates the coming months. United Airlines has suspended any new hiring and has postponed starting dates for new pilots. While nobody knows what the ultimate impact of COVID-19 will be, United Airlines is making decisions today that will help it survive tomorrow.
Should you find yourself managing your business through uncertain circumstances, you may find it helpful to make important decisions quickly. Being quick to make adjustments may help your business find stability while you wait for the uncertainty to end. Not being quick to make adjustments could mean your business doesn’t make it.