Critical business issues and challenges in the age of uncertainty

In the age of uncertainty strategic development of organisations is important as it sets up long term goal for an organisation. The objective of an organisation is analysed and all the barriers that are faced by expanding the product is analysed. The goal of company and path of success is planned by conducting a market research and competitive analysis of all the target audience. In addition, it is important to know about the competitor’s strategies and plans, as it helps organisation to build up leadership for the organisation. Thus report is a complete research about the critical issues that are faced by organisations and the strategic development of organisations in the age of uncertainty. To deal with such uncertainties strategic planning in an organization is carried out for management of all the activities. It is used to set priorities and focus upon all the resources, operations and also ensures that employees and other stakeholders are working toward common objectives. So that outcome due to changing environment is not affected on the organisation. It is a disciplined effort that is taken by companies to undertake fundamental decisions and actions. Effective strategic planning articulates not only where an organization is going and the actions needed to make progress, but also how it will know if it is successful. 

According to (Massa, Tucci and Afuah, 2017), there are different issues looked by association in the period of vulnerability in this manner vital improvement is required. The size of vulnerability in introduce time is expanding as it causes trouble in deciding. The scale of uncertainty in present time is increasing as it causes difficulty in making decisions. The challenges are faced by business due to different social, political as well as economic environment. The uncertainties that are faced by organisations are industrial democracy; change in exchange rates, government rules and regulations, change in technology, pollution regulation issues, cost of energy and available raw materials (Waddell, et. al,  2016). The uncertainty affects the growth of an organisation, it not only impact the private sector but also have a negative effect on financial industries. Thus to resolve these business issues organisation should undertake a proper business model so that sustainable goals could be achieved. The main issue that are faced in an organisation for strategic development is dealing with the changes. It is important to cope up with the changes that could be done by developing strategies and new advanced technology. To succeed in new environment strategies need to be pulled up in terms of innovation and talent. Organisational change is common and various uncertainties are faced in internal and external environment (Alkhazim, et. al, 2015).  A new leadership strategy is needed to shape the system of an organisation. Thus a set of priorities and capabilities need to be expanded by the business and focus more on the changes. Thus business undertakes steps for development by observing and understanding the current situation and then mapping out the relations for all the threats and opportunities (Alkhazim, et. al, 2015).  The next step after observing the situation is making sure that all the young employees learn about new activities and technology so that curriculum of changes could be maintained. 

Strategic development of organisations

In the views of (Avgerou and Walsham, 2017), in the uncertain world it is important to plan and implement some strategies for organisational changes. Adaptable procedures are created as it develops capacities that could be effortlessly adjusted. The issues look because of vulnerability influence the advancement of an association. In this manner different difficulties that is looked by the organization because of inadequate pioneers and need of accomplices to accomplish the objective. (Teece, Peteraf and Leih,  2016).  Thus strategic development of an organisation is implemented by strengthening the core internal strategies like accounting, HR, communications as well as finance department of an organisation. Long term action plans are developed to meet longer goals and objectives. The issue that are there in an organisation is market demographics that help in knowing about all the demands in the market. The strategic goals are the basic issues or challenges that are faced in an organisation due to uncertainties. The company faces issue due to poor strategic development. They face issue in terms of selection and recruitment process. While hiring candidates from all over the globe poor development can cause diversity at the workplace (Teece, Peteraf and Leih,  2016). Thus it is important to manage all the cross cultural issues at the workplace that is caused due to poor communication channels in the organisation. Thus proper training and development programs should be used so that uncertainties in the environment cannot affect the growth of an organisation. The uncertainty can affect the growth of an organisation thus a clear future could be determined (Teece, Peteraf and Leih,  2016). Flexible strategies are developed as it builds up functions that could be easily adapted. The issues face due to uncertainty affect the development of an organisation. The challenges that are faced by the company is due to insufficient leaders and need of partners to achieve the goal.  Thus to deal with the uncertainties an alternate future scope is defined so that a discrete outcome could be achieved.

According to (Schartinger, et. al, 2015), companies in present day face challenges and uncertainties while entering new geographical market. The most common difficulty that is faced is deciding where an organisation should introduce their new products and services. The challenge that is faced while strategic development is identifying the possible market so that customer’s penetration is managed (Bryson,  2018). The other challenge that is faced by the companies in today’s era is technological changes that are handled due to innovation of advanced technologies. For the companies it is difficult condition to decide which technologies need to be adopted. While adopting new technology it is important to provide proper training sessions to the employees so that even staff understand the use of technology and can use in an affected manner. The development of the company is dependent on the technology used so that they could bet the competitors in the market. Strategic planning is needed as it is not only beneficial for organisational future but it is used to understand the long term impact on the organisation. The critical business issue of an organisation is the overall success (Bryson,  2018). The issue due to several organisational functions is also due to uncertainty and can get directly affected by the people. The legal issue can also be a barrier in growth of an organisation as it has adverse effect on the customers and stakeholders (Bryson,  2018). The market trend is so uncertain, thus company should mould all the functions according to the trend in the market. Thus it can be clearly stated that success of a firm or an organisation need to managed in all the uncertain situations so that it can survive even in difficult situation (Farid, et. al, 2015). The achievement of business in current time of vulnerability depends totally on the methodology that is upheld in an association so economic improvement takes place. In this way to confront all the difficulties and issues it is imperative to infer a few endeavours that mean to oversee and organize with all the ecological, social and monetary on-going (Farid, et. al, 2015). Thus for maintaining strategic planning for an organisation some steps need to be taken like developing and engaging leaders. To deal with the changes in the environment it is important to deliver consistent training to the staff. This will help in enduring the overall skills of the employees as it will future improve the productivity (Farid, et. al, 2015). The conflicts management is also important to be maintained so that there are no cross cultural issues in an organisation. Employees in an organisation are from entirely different backgrounds which may lead to conflicts at time of interacting or sharing ideas. This could be resolved by demonstrating the value of leadership and adapting the concept of training. The uncertainties are every often and it is important to deal with this change that could be done by acquisitions, technology development, staffing and budgets (Björklund, Abrahamsson and Johansson, 2017). The issue of uncertainty from the environment can be resolved by developing leaders at every level so that all the complex and diverse issues could be resolved. The uncertainties can be resolved if there is a good communication channel and training learners regarding how to cope up with the suspicions (Björklund, Abrahamsson and Johansson, 2017). The uncertainties increases the risks in an organisation thus to balance the risk a sustainable development plan is needed. 

Adapting to changes and developing new technology

In the opinion of (Shaw and Barry, 2015), it is true that we are living in an uncertain environment where technology, demands and services changes every day. Thus for an organisation it is important to deal with all kind of situations. There are many competitors who are selling the same products but with lower price or better quality. Thus innovations in technology need to be adapted so that businesses achieve long term success. In the age of uncertainty, where we are not aware about when a new competitor can come in the market with new ideology or when the overall demand of customers can change. For such cases development plan need to be designed to capture the marketing audience so that sustainable growth can be achieved (Butler and Ivanovic, 2015). It is true that once the company has covered the local market it tries to enter in the foreign market for growth and expanding their business. Many rules and regulations need to be considered to make sure that sustainable growth of organisation is achieved.  Thus for business to survive in world of uncertainties it is necessary that they remain updated to innovation (Ward, 2016). Innovation of new sources will always help a business to stand out in the market and met the competitors(Ward, 2016). There are various challenges in the market for development company need to undertake some strategies so that disruptors and challenges can be removed.

In the views of (Siebert and Martin, 2016), sustainability a key to corporate achievement in the time of vulnerability as business are outlining strategies to address the difficulties by keeping every asset accessible. The most concerning issue looked by an organisation is to keep sustainability that is paying up all the market heads, as demand are increasing day by day. As now a day’s sustainability is considered as an important part for long term success of an organisation. The sustainability can be achieved by adopting environmental, social as well as governance policies (Knoke, 2018). There are various social policies faced by an organisation that includes diversity at work place and discrimination within the employees. Thus all the policies related to citizenships, rights and business ethics are designed so that product risk and safety measures are maintained. The issue that are faced in business is mainly due to diversification of cultures as there are employees from entirely different background because of that conflicts occur in an organisation. To overcome from all these barriers a leadership quality need to be followed within an organisation (Knoke, 2018). There are various possibilities that are impossible to predict thus to deal with such cases a step by step procedure is followed. At first level all the scenarios are identified by observing the future outcomes and analysing the triggers so that a good image can be maintained in the market place. Uncertainty demands a more effective approach for situation analysis.   

Developing leaders and communication channels

In the views of (Goffee and Scase, 2015),  in today’s time it is complex to expand the business globally and remove the complexity from the business environment. While expanding the business in foreign market there are various different policies about which organisation are not aware. This also increases the chances of risk thus various strategies are used that can deal with uncertainty. The use of analytic technique helps in dealing with the complex situation and outcomes are prepared for multiple situations. Variety of situations is created so that at any uncertain happening proper steps could be taken (Nallusamy,  2016). Apart from that businesses need to focus on the inputs rather than outputs. Uncertainty can also be due change in global economy and also because they are unaware about what the competitors are doing in the market. There is an uncertainty about the arrival of new technology in the market as it affects the overall growth of the company. If some advanced technology hits the market the overall progress of an organisation is affected. To solve such issues a short term focus is needed on developing strategies for long term success. While expanding the business in foreign country all the factors are uncertain (Nallusamy,  2016). It is difficult to understand and penetrate in the foreign culture as foreign country has entire different principles. Thus it is recommended that businesses should understand international markets and culture so that better information could be gathered and analysed.

According to (Viguerie, Kirkland & Courtney 2016) the uncertainty is common in present time thus it is important to deal with all the changes. The innovation processes and all the government policy and regulation need to be understood to expand the business. The technology is also changing exponentially thus long term technology strategy are used for maintaining flexibility. The diversification within the companies needs to be improved, that can be done by adopting leadership within an organisation. Leadership within an organisation can foster the expansion and avoid conflicts due to differences in ideas and viewpoints (Luthans, 2015). The uncertainty can affect the supply driven approach that need star be resolved with strategic thinking and problem solving technique. 

In the views of (Menke, 2016),  . In today’s era the main issue faced by business due to uncertainty is about global economy, credit markets and competitors in the market. Uncertainty can lead to discomfort for the business and can also affect the long term success in business. The uncertainty also affects global economy and also effect the costumer behaviour due to environmental regulations. The uncertainty leads to a short-term focus. There are various challenges that are faced by business while entering new market and designing new products and services. The companies often struggle in finding out a new innovation process and working in an environment that has entirely different policies and rules (Luthans, 2015). Thus it can be stated that uncertainty in market trends affects the overall economic balance of the business.

Innovation and sustainability for long-term success

Conclusion

It can be concluded that uncertainties in business can lead to various challenges. Thus, to maintain a strategic development it is necessary to know about the competitors in the market. While when companies expand their venture in the international market they face various issues due to competitors in the market, innovation and new geographical market. While expanding in new market the issue are due to various companies that are already present in the market. Apart from that, all the businesses look for innovating new process so that they could stand out in the market. It can be concluded that uncertainties in business brings out a lot of discomfort in the operations. Thus, to cope up with all the uncertainties in the market an effective approach or tool need to be used to deal with such situations. 

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