‘Even where fertiliser doesn’t have to pass through Hormuz, it needs natural gas in the manufacturing process, so regardless of how long it takes to open the strait, the already baked-in gas price impact will persist in fertiliser price for some time’. Photo: John Kelly
A few years ago, I did a diploma in Strategy and Innovation at the Irish Management Institute. One lesson that sticks out was the acronym VUCA: volatility, uncertainty, complexity and ambiguity. The idea is that all businesses must learn to prepare for the most unanticipated external events that can completely derail any business plan.
We learned about how the world is an increasingly chaotic place and you cannot have a strategy for the future unless you build resilience and agility into your business.