Strategic Approach to Overcome Crisis

ABSTRACT

The Covid-19 pandemic has brought about unprecedented economic damages highlighting the strengths and weaknesses of businesses. It is also evident from the present crisis that the needs and assumptions of enterprises can change rapidly and unpredictably. Instead of spending more time and effort on trying to prevent a crisis, companies should instead, prepare for them. Bracing for future uncertainties and challenges demands continuous reappraisal and farsightedness. The strategic choices made by enterprises today have long-term implications. Companies need to frame strategies in the light of a broader and fast-paced business ecosystem. This study focuses on certain general and specific strategies that businesses should adopt to deal with the present crisis and prepare themselves to navigate through an unpredictable future. This will help organizations to face any crisis as an opportunity to reinvent and adapt themselves. Additionally, some strategic decision-making models and methods have been discussed that will aid managers to make appropriate decisions. It is the right time for companies to take stock of their business and formulate appropriate strategies to be prepared for any unpleasant circumstances in the future.