APJ Vol 56 2023

BUSINESS
NAVIGATING YOUR
BUSINESS SUCCESS IN A
VUCA WORLD
By Tina Vney
changes are also contributing to rising interest rates and cost
of living, with business owners needing to review their prices,
identify ways to minimise costs and investigate new ways in
pursuing financial growth.
UNCERTAINTY
Have you noticed that every era gives rise to new terminologies
that attempts to define the new status quo. So, post the pandemic
we are seeing the emerging of the term VUCA that symbolises
four persistent manifestations which define our present world.
Understanding what VUCA represents and learning how to
manage your VUCA environment will be critical to your success.
In today’s world that quickly changes, businesses face many
problems that require them to be flexible and consistently make
strategic decisions than may require ongoing changes. Since the
pandemic, business analysts have advised the business world of
the importance of fostering a mindset that is open to flexibility and
change at a new pace. And while this was initially a little daunting,
business survivors in this environment have come to recognise
that this is not a passing phase, and that flexibility and agility is
something they will need to become comfortable with as ‘a way
of life’. So, let’s take a closer look at what the term VUCA means
and how to navigate its framework to your business’s advantage.
In essence the term VUCA standards for the acronyms – Volatility,
Uncertainty, Complexity and Ambiguity.
VOLATILITY
• Rapid changes in technology: The speed with which
technology is changing is shaking up industries and business
models. For example, if we look at social media, the recent
change in algorithms is totally changing who gets our
message and who doesn’t. The various social media platforms
are very fluid and their capacity to reach our target audience
is getting less and less efficient without the support of
paid advertising.
• AI and its implication on how we communicate: Artificial
intelligence is now part of mainstream communication
tools. While it promises to make our communication with
consumers much easier, it does come with its own rules (see
Trish Hammond’s article in this issue of APJ).
• Financial Markets: The stock market is always changing
because of things such as economic indicators, geopolitical
events, or investor opinion. This volatility affects choices
about investments and how to manage a portfolio. These
• The impact on consumer spending: Economic uncertainty is
making consumers more cautious with their spending. Even
with the more financially secure clients, the focus towards
identifying value for money is now a key deciding factor
in accepting your treatment recommendations. Economic
uncertainty is necessitating that businesses provide their
clients with progressive payment options.
• Regulatory Changes: Businesses now face changes in
employment laws and changes in tax reforms or data privacy
rules are also impacting businesses.
• Competition: It is incredible, but despite economic
uncertainty in our industry, competition is on the rise. While
one business may close three new ones are emerging. The
growing appetite for cosmetic injectable service is changing
consumer tastes on how they view what will best work for
them in improving their skin and their appearance.
COMPLEXITY
• Cross-Cultural Communication: As our world becomes more
globalised, the consistent increase and growth in Australia
of various ethic groups is becoming increasingly diversified,
necessitating that we become more aware of the different
skin types that we will need to treat, as well as language
obstacles and cultural differences.
• Global Supply Chains: Businesses that sell to customers
all over the world have to deal with complicated supply
chain networks with many suppliers, logistics providers, and
distribution routes. Managing this level of complexity needs
good coordination and ways to reduce risks.
AMBIGUITY
• Strategic Decision-Making: With a constantly changing
world, business owners often must make strategic choices
based on incomplete or contradictory information, this
ambiguity can sometimes contribute to ethical problems that
don’t have clear answers. Businesses need to do their due
diligence more thoroughly before making decisions.
STRATEGIES TO SURVIVE AND THRIVE IN A VUCA WORLD
As I mentioned earlier, every era has its challenges, and our
current challenges can be overcome, if we are prepared to
embrace a new mindset that is more adaptive to the current
needs. Primarily, it will require that we do give way to fear and
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