Once exclusive to the military, the acronym VUCA has secured solid foothold in the business world, where companies must navigate increasingly volatile, uncertain, complex, and ambiguous environments. Today, change is rapid, problems are multifaceted, and predictability is by and large an assurance of the past.
For business families, this new landscape presents an existential challenge to traditional ways of doing business—of owning and leading their companies, building consumer loyalty, retaining talent, investing, and planning for the long-term. The VUCA environment is demanding a new kind of ownership and leadership among family enterprises.
To deal with the rising vulnerabilities of this turbulent environment, business families must prepare not only their business, but their family for disruption. The five key habits below offer a blueprint for families to intelligently and proactively get started.