As researchers and drug companies race to develop a vaccine for COVID-19, the global economy continues to struggle to gain a footing. Every scrap of good news — say, a surprising pocket of strength in a particular sector — is matched by a sign of ongoing weakness elsewhere, raising questions about the long-term viability of certain companies and industries.
With so little clarity about the future, how can leaders set business goals for the next six months to a year? During the dozen years between the 2008 financial crisis and the current pandemic, the world seemed far more stable, and budgeting was more of a predictable process. But now? Who knows. We are living in an era of VUCA, an acronym coined by the U.S. Army War College that stands for volatility, uncertainty, complexity, and ambiguity.
This uncertainty is raising new challenges for a fundamental leadership