Hack #2| History Favors the Bold: 3 practices company leaders can embrace to manage uncertainty

GE icon Jack Welch once said the time to invest is during economic paralysis and uncertainty when the less-daring are waiting on the sidelines.?

Well, managing risks and uncertainty in business can be perplexing. During the depths of covid, I suffered many sleepless nights as I considered worrisome scenarios:

·??????What if none of our clients would return to our incubator because of stay-in-place orders;

·??????What if the federal government shut us down for an extended time; or

·??????What if changing entrepreneurial habits and attitudes that caused everyone to work remotely resulted in higher workplace engagement rates?

If we didn't find creative ways to remain open and keep people safe during the crisis, we might have been one of those nonprofit statistics:?one in three nonprofits?was in danger of closing due to the pandemic. My team and I didn't want to be that statistic.

Even without a worldwide crisis, unpredictability is a constant in business -- which you likely know whether you're a new entrepreneur or a seasoned executive leading a large corporation. What can help you manage those uncertainties??

Let's look at three practices that can help: embracing rituals, making space for rejuvenation and action, and letting ideas flow.

Embrace rituals?

Building disciplined habits is essential for managing uncertainty in business. When you have a routine, you create a sense of stability and predictability in your day-to-day activities.?

I find clarity in my day's pattern, rhythm, and cadence. For example, I try to schedule my day to maximize my effectiveness and decision-making. This approach might include not scheduling meetings after 4 pm, reading necessary research and studies at a specific time of day or day of week, or blocking parts of my day to ensure reflection time to focus my decision-making.?

These techniques can help you stay focused and productive, too, even in chaos. Sticking to a routine can reduce the likelihood of getting distracted by unexpected events and better manage your time, choices, and energy.?

Consider such patterns in these famed entrepreneurs. Amazon founder Jeff Bezos doesn’t make important decisions after a specific time of day. Apple founder Steve Jobs reduced "decision fatigue" by wearing the same outfit daily.?

The critical point: reduce unimportant choices in your life to focus on the crucial things that matter.

Make space for rejuvenation, reflective thinking, and action

Work-life balance has always been mythological to me. I look for work-life integration. It is about your energy and less about your time. By managing your energy, you can gain power over your life.?

Some things that work for me include taking team walks early or late in the day; connecting and debriefing situations with my leadership team outside the office; meeting and interacting with people at breakfast or lunch; and seeking out new knowledge to develop professionally and personally.?

Something I have never been good at but now do, thanks to my?Oura? Ring, is having a short meditation each night before bed. I also have prioritized healthy sleeping habits – and these changes have positively impacted my well-being.?

Make sure you set aside time each day to do something that brings you joy, such as exercising, reading a book, or spending time with loved ones. These choices will help you avoid living with regret.

Daniel Pink, author of?The Power of Regret, found in his research people regret the times they failed to be bold ("If only I had taken the chance") and the moments they failed to connect ("If only I had reached out”). His book centers on the power past regrets have to direct future decisions, leadership, and self-development.?

By balancing your time between work and your life priorities, you can better handle stress and maintain a positive outlook, even when things feel uncertain, and you can be better able to avoid major regrets.

Let ideas flow

Uncertainty in business often requires creative and bold thinking. When you allow yourself to dream without restrictions, you can develop novel approaches you might not have considered otherwise. Don't worry about whether your ideas are practical or feasible – just let them flow freely. You can continually refine them later.?

Think about?restauranteur Danny Meyer, who continually reimagined his restaurants with the provocative statement to challenge the status quo, "Who wrote the rule?"?For example, who wrote the rule that a restaurant had to have a parking lot? Or who wrote the rule that a sandwich couldn’t cost more than $20?

Managing uncertainty in business requires a combination of discipline, intentionality, and creativity. By building disciplined habits, balancing your time between work and relaxation, and letting ideas flow, you can confidently increase your chances of success and navigate uncertain times.?

Remember, while uncertainty may be inevitable, how you respond to it is within your control —speed and confidence matter. Invest in both.