The COVID-19 pandemic has enormously impacted countless lives and exacerbated several disruptions in progress, laying bare the unsustainable business models. Even the most successful global businesses are facing major layoffs and disruptive changes. COVID-19 has introduced a whole new set of potential threats to the well-established business principles that have guided our business strategies over the recent years.
The pandemic is primarily a global healthcare crisis but has severely affected multiple fronts of the global ecosystem including immense implications for business, economic and social systems. It has caused a supply and demand shock leading towards a recession of unpredictable severity. But whatever the future has to offer, now is the time for organizations to review their business strategy and try to drive whatever positive outcomes or learnings they can from the impact of Covid 19.
Begin with reinventing your business strategy
The central challenge that needs to be actively addressed by each corporate leader is how they can reinvent their business strategy to cope up with both the short and long-term consequences laid by COVID-19. Therefore, organizations require visionary business leadership to create an effective plan to go about reviving the economy, repairing the losses, and readying the firm to cope with a crowd of pressing social, environmental, and economic troubles while addressing the existential difficulties.
Here, we will talk about how firms can reexamine their growth strategies in the new normal and recreate their business models to quickly identify those opportunities.
Three Ways Your Business Can Adapt A Winning Business Strategy During COVID-19
The primary purpose of business strategy is to push firms towards endurable areas of growth and profit. Also, there are some tried and well-known frameworks for guiding strategy like Michael Porter's five forces model which has been used by many organizations over the years. But as we move forward, predicting the disruptive events that are residing outside the shell of Porter’s strategy framework will be a major aspect of business planning.
Staffing and Skills
Having the right employees with the right skills have always been the priority of each organization. However, the only way to avoid emerging skill gaps is by promoting the development of creative skills and recruitment strategy within the organization that matches the changing requirements of your business and your clients. Even though unemployment is expected to increase, organizations are still witnessing a shortage of key skills.
So, how can a business identify, train, and then retain the top talent with the right skills?
A long-term business strategy focused on developing the opportunity for internal growth and delivering the opportunity to introduce new thinking into business can help organizations avoid over-dependency on key individuals.
Developing a strong organizational immune system
Technology plays an important part while measuring and anticipating threats but it cannot overcome them. In the new normal and coming age of business, the advantage would belong to organizations that convey the threat of words quickly rather than running away from it.
Organizations that can spot problems in their initial stage and develop preventive measures possess a strong organizational arrangement. Companies need long sensitive feelers in hyper-responsive capabilities at multiple fronts of the organization to stay successful just like our lectures identify and destroy invaders and right before they wreak havoc in our bodies.
Fostering a healthy work environment
Covid 19 emphasized the need to understand some of the wider issues associated with the workforce in an organization. Apart from looking over remote working, risk management, and work activities of employees, COVID-19 shifted the real focus to the mental health and physical welfare of employees. By implementing the lessons learned by COVID-19 and the lockdown about the benefits of remote and flexible working practices, organizations recruit and retain their workforce in the future by introducing major environmental benefits.
