Country Senior Partner for PwC Ghana, Vish Ashiagbor, has emphasized the necessity for Small and Medium-sized Enterprises (SMEs) to adopt the VUCA framework to ensure their businesses thrive in today’s dynamic environment.
He made the call at the Africa Business Innovation Forum (ABIForum) held in Accra on Wednesday.
The ABIForum, recognized for its role in fostering innovation and growth among SMEs and startups across Ghana and Africa, provided a fitting backdrop for Mr. Ashiagbor’s insights.
The VUCA framework, which stands for Volatility, Uncertainty, Complexity, and Ambiguity, was central to his message.
“VUCA” is a framework that seeks to demonstrate that the world around us is volatile, uncertain, complex, and ambiguous,” Mr. Ashiagbor explained.
“Businesses, whether large, small, or micro, must plan for these developments. It’s a way of thinking about the environment and being prepared.”
Mr. Ashiagbor highlighted that the principles of VUCA apply universally but are particularly crucial for SMEs.
He stressed the need for businesses to remain adaptable, noting that the operating models that work today may not be effective tomorrow.
“The idea is that for any business, as we’re discussing at this conference, think about different scenarios and the possibilities,” he said.
“It’s not all negative, by the way. Uncertainty, ambiguity, complexity, and volatility also bring opportunities. Think about the different things that could happen that could provide opportunities for you or pose challenges, and then be prepared to run your business accordingly.”
Perseverance, according to Mr. Ashiagbor, is a critical trait for business success.
Drawing parallels between business and life, he acknowledged that everyone faces challenges. However, he emphasized that success comes to those who persevere. “Challenges will come; sometimes you will fail. The issue is how you address and confront those challenges and rise from failure, taking on board the lessons,” he stated.
“Giving up is not the solution. One must persevere. Therefore, big or small, whatever business you’re running, be prepared for the challenges and keep going.”
Mr. Ashiagbor’s speech resonated with the audience, underscoring the importance of resilience and strategic foresight in navigating the complexities of today’s business landscape.
His call to action for SMEs to embrace the VUCA framework serves as a reminder of the ever-changing nature of the business world and the need for continuous adaptation and perseverance.
