The strategy for a business is the game plan management to take a market position, conduct its operations, attract and satisfy customers, compete successfully, and achieve organizational objectives.
To the extent the term strategy is associated with unique design and action for achieving larger goals, taking command over the situation with a long-range perspective and securing a critically advantageous position
Meaning of Strategic Management
The term Strategic management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then initiating whatever corrective adjustment in the objectives, vision, execution, and strategy are deemed appropriate.
With the help of Strategic management organizations in a highly competitive marketplace, companies can operate successfully by creating and delivering superior value to target customers and also learning how to adapt continuously changing business environment.
Strategic management is very important for the survival and growth of business organizations in a dynamic business environment. Strategic management provides better guidance to the entire organization on the crucial points –what it is trying to do.
Also provides a framework for all major business decisions of an enterprise such a decision on businesses, products, markets, manufacturing facilities, investment and organization structures, etc.
The Current COVID-19 crisis?
The coronavirus pandemic is ruined the global economy. Air travel is being hit hard, sports leagues and big events are being canceled, try to keep the virus outside their borders, and public health officials and bracing for the worst countries are putting up travel restrictions. In this situation, it can be hard to stay calm and be optimistic.
All the environmental forces impact industries in varying degrees. So that the organization needs to analyze the environment for understanding the current potential, change taking place in the environment, and take appropriate decisions to put your business in a more secure position. That will help to stay strong and recover faster once the crisis subsides.
Strategies to Help Your Business Recover From COVID-19 crisis
The following are some key strategies and insights to help your business recover from coronavirus.
#1 Think about how coronavirus affects customers
Customers occupy the central position in the business market so it is necessary to closely monitor and examine the customer’s pain points related to coronavirus.
After examining think strategically about how the pandemic is affecting your customers, what is keeping them up at night and how you can help.
You can also adjust your sales pitch and design your marketing strategy around how to address these specific challenges and worries. For example, are your customer
- Worried about supply-chain disruptions?
- Worried about how to manage employees in a condition, where everyone might need to work from home?
- Worried about travel restrictions?
- Struggling with general market uncertainty and slowdown in demand?
- Wondering how to manage their cash flow?
- Facing problems like shortage of key inventory or supplies driven by consumer’s panic-buying and stocking up?
Facing a shortage of key inventory or supplies driven by consumer’s panic-buying and stocking up? All of these business challenges can be exacerbated by a crisis like a coronavirus.
As a business owner, it is your job to figure out how to reposition your goods and services to be helpful and address the specific pain point that the customers are facing now.
Let’s take an example, if you are doing the logistics business, now it is a good time to reach out to your clients and customers with possible solutions to analyse the recent issues affecting the supply chain globally.
#2 Adopt new sales channelss
Even as more of the country goes into lockdown, people still are going to want and need to buy things, creating opportunities to serve your market via alternative sales channels.
For example, if coronavirus losing down on foot traffic to your retail business, You can look up to expand your e-commerce offerings.
The environment is uncertain and flexible in nature. Everything cannot be planned in advance.
Even we all see that as more of the country goes into lockdown. It is not possible to anticipate every move of the environment.
But still, peoples are going to want and need to buy things, Strategies need to be attuned or modified in light of possible environmental changes and creating opportunities to serve your market via alternative sales channels.
For example, look to expand your e-commerce offering if coronavirus is cutting down on foot traffic to retail business.
B2B companies are already well-positioned for online-marketing efforts, e-commerce sales and creating conversations on social media and linked instead of in-person sale meetings, especially if they sell software or other digital services and solutions.
Now its time to think about that
- Can you boost your online- marketing effort and e-commerce sales?
- Can you create more conversations on social media and linked instead of in-person sales meetings?
- Business is still going on, but more of it might need to happen online.
#3 Work on long- term investments in your business
Change in the organization’s environment provides a threat for some organizations and opportunities for some. Especially if you’re in B2B sales, the coronavirus might be an opportunity to make some long-term investments in your business.
If you’re seeing a short-term slowdown, then this is the time to re-evaluate your operations, platforms, and processes and do some long- term strategic planning.
If you have a few big prospects in the pipeline, now is a good opportunity to put more energy into lead management. Keep checking in with your leads, reassure them if needed, and plan for contingencies and you’re ready to help.
#4 Prepare for pent-up demand
The post-COVID-19 economic recovery might be faster than we expect. If you cut back too far now, you might not be positioned to capitalize on the post-COVID-19 crisis recovery.
I don’t want to downplay the seriousness of the public health aspects of this crisis; everyone needs to take precautions to stay healthy and reduce the spread of the virus.
But the change in the environment represents a major opportunity or threat and required a change in long term objectives and strategies.
So I do believe that companies can put some good steps in place today to be positioned for bigger success tomorrow. There are always challenges and crises affecting our businesses.
We can adapt and embrace the opportunities and bounce back stronger, even from a major crisis like coronavirus.
And at last it's important to say
Stay healthy, stay positive and keep going
COVID-19 is creating challenges for businesses all over the world. But remember that this situation is temporary. The important thing now is to stay together – from a distance – and ensure you’re providing value to your Consumers.
Stay healthy, stay positive, and keep your content marketing efforts going, even if that means making adjustments to your strategy.
CA finalist (Artical under guidance with CA Prem S. Goyal.)
ESTABLISHED ON 12 JAN 2016
-To build ways of progress
-Make people aware of the happening situation
-Raising voice against culprits and crime
-Making people do care about the environment
-Career-oriented guidance to students