Consultants' Role in Navigating Uncertainty

We are currently facing an unprecedented level of uncertainty, fearing that everything around us could change in an instant. This feeling paralyzes us and disrupts our lives as we try to understand the past, navigate the present, and anticipate the future.

In such tumultuous times, the worst strategy for companies is to remain stagnant; instead, they must prioritize swift and decisive action.

Consultants are crucial in helping organizations maintain their momentum. It’s essential to leverage consulting skills and freelance platforms to navigate turbulent times even if a company's financial situation is deteriorating and the future is uncertain.

COVID-19 Spread and the Shocking Uncertainty

The Covid-19 pandemic was characterized by the uncertainty it has brought to every aspect of life. A critical dilemma for governments and individuals has been whether to prioritize lives or livelihoods. Governments struggled to decide, ultimately applying varying degrees of lockdowns and restricting people's freedoms, which only heightened feelings of helplessness and uncertainty.

Economic experts indicate that heightened uncertainty invariably leads to a contraction in GDP, with economic recovery as this uncertainty decreases. The same principle applies to all businesses.

Interestingly, the economy did not rebound with the lifting of lockdowns; somewhat, it was influenced by the cautious behaviors of individuals, families, and businesses—behaviors that persisted regardless of lockdown status.

Researchers at the Kellogg School of Management have noted that the pandemic's "shock of uncertainty" accounted for approximately half of the GDP decline in the United States in 2020.

Here are 2 abnormal outcomes of the COVID-19 crisis to consider how companies responded to them and whether consulting skills could help resolve them:

• Digitization proliferation.
• Consumer caution.

Digitization Proliferation

Organizations experienced a remarkable technological transformation during the months following the pandemic's beginning.

Companies worldwide transitioned their employees to remote work, relying heavily on digital collaboration tools to maintain connectivity and oversight. Many companies are considering continuing this operation mode even after the pandemic ends.

Moreover, data has become essential for decision-making, enabling companies to act swiftly and confidently. Organizations that implemented digital transformation benefited greatly. For example, all banks chose to defer loan and credit card payments in response to the pandemic.

At the same time, Marcus, Goldman Sachs' digital platform, successfully launched its services to clients in under 72 hours. Additionally, advancements in artificial intelligence greatly facilitated the rapid development of COVID-19 vaccines.

Although the fourth industrial revolution—characterized by automation, AI, and autonomous systems—may still seem like a distant reality, many companies have been planning gradual changes to their operations over several years. However, the urgency brought about by COVID-19 necessitated immediate action.

Digitization—including data digitization and the adoption of digital technologies—has emerged as a crucial strategy for swiftly responding to disruptions, sharing data, and ensuring business continuity.

The pressing question now is: Do companies have the requisite skills to execute these changes rapidly and effectively at scale, or do they require consulting expertise?

Consumer Caution

Some consumer trends following people's time spent at home include the following:

• Adopting new digital services quickly across work, play, entertainment, learning, communication, and shopping.
• Decreased consumption, with a notable shift in purchasing behavior from luxury items to essential household and health products.
• A change in how people access information.

Many tech firms have benefited from these changes. For example, daily users of the Zoom platform skyrocketed from 10 million to 200 million within three months.

Similarly, Netflix added approximately 16 million new subscribers, while Disney+ doubled its subscriber base in just five months. Additionally, live streaming of sporting events, concerts, conferences, and even virtual museum tours became extremely popular. At the same time that traditional print journalism declined, online news services, podcasts, and radio thrived.

Retailers adapted their operations by prioritizing online services and local deliveries. Restaurants transformed their supply chains to function as retailers; luxury fragrance brands repurposed their bottles to manufacture sanitizers; automotive manufacturers pivoted to produce ventilators. Also, doctors, pharmacies, and business consultants offered online advice.

If these consumer trends continue, companies may need to consider long-term solutions and reassess their entire business models.

How Are Companies Addressing Consumer Caution and Uncertainty?

In addition to navigating digital transformation and evolving consumer behaviors, many companies are struggling with productivity, supply chain reliability, risk management, communication, and employee and customer engagement challenges.

Organizations need to explore and discuss various options to formulate comprehensive strategies. Part of the solution could involve hiring external professionals, as it’s becoming increasingly vital to leverage expertise in strategy, supply chain management, marketing, digitization, e-commerce, human resources, and change management.

Many independent consultants have specialized expertise in these areas and experience dealing with uncertainty, change, and innovation. Therefore, it is wise to consider independent consulting platforms for expertise.

Services Provided by Leading Independent Consulting Platforms

Finding the right consultant for a company's needs can be challenging. Fortunately, consulting has now gone digital, offering faster services at competitive prices compared to traditional consulting. Reputable online consulting platforms offer access to a diverse pool of talented consultants, simplifying finding an ideal match for a company's requirements.

The best freelance platforms first vet both consultants and clients, ensuring security for both parties. Clients can trust that recommended independent consultants have the requisite skills and experience, while consultants don't have to seek new clients independently; they can verify project credibility and rely on the platform for support in case any issues arise.

Additionally, consulting platforms manage administrative tasks, allowing consultants to concentrate on their core work.

Conclusion

Even in optimal conditions, strategic development is inherently uncertain, prompting companies to seek consultants' expert opinions.

During periods of disruption, experienced consultants—readily accessible through leading freelance platforms—can offer essential guidance and expertise to help stabilize businesses. Despite the prevailing uncertainty surrounding us, we remain empowered to take action and focus on future opportunities.