Role of Business Strategy in a Global Pandemic
“Business is all about solving People’s problems at a profit while earning profit without strategy is just stuff, and the world has enough stuff. So, it’s a fact that without a strategy, execution is aimless and without execution strategy is useless.”
People don’t buy goods and services but they buy relations, stories, and magic. In business, one should not only focus on making money but should carry a business to make difference. Making difference relates to making a strategy, without strategy business is like moving towards your destiny without knowing your destination. In normal terms when Companies start their business with a well-planned strategy it lies for several years to sustain and execute activities with carrying core goal of growing the business and making it successful. Thus, business strategy usually includes predictions, technological advancements, competitive nature, and customer needs. These strategies are usually designed under normal circumstances but when the economy faces recession or any difficult situation, the strategy also asks for some innovation in it, adjusting according to the circumstances.
Strategy + Business- in a Global Pandemic
We fell asleep in one world and woke up in another, where Disney is suddenly out of magic, Paris is no longer romantic, New York doesn’t stand anymore, the Chinese wall is no longer fortress and Mecca is empty. The pandemic that has splashed sadness all over the world is impacting the same to the businesses too. On this pandemic taking part in productivity, the contest has become very difficult for the business in the economy. A business whether it is small or big all is getting affected by it and this ultimately is resulting in an economic recession. Being affected by the situation people didn’t choose to sit at their homes but are fighting with the situation in their best possible way. Regardless of the situation business needs to survive in the market because it is only the medium to shelter. Therefore for the business to survive in the middle of the crisis, it needs to implement some new strategies that can cope up with the situation and customer too. Business entities should remember that difficult does not mean impossible, and should remember that in the middle of difficulties, lies opportunities. To grab those opportunity businesses should design new strategies matching the circumstances and customer needs.
Role of Strategies during Pandemic
In today’s age of competitive market all over the world, it is much difficult to run a business or sustain itself in the market without taking the help of management in the business. Whether it’s a small, medium, or large scale business it has become a mandatory requirement for all the businesses in the current world to appoint a manager or to manage the business itself. In a business, management is a much-complicated process but also involves very simple procedures of planning, organizing, staffing directing, and controlling, all in a sequence. As we can observe that the first process of management is planning in which the manager of a firm or a business makes strategies according to position, nature, situation, and many other factors of the business, and one of the most important factors to form a strategy for the business is analyzing the current market situation. Focusing on today’s situation we all are well known with the current market situation of crisis and destructions. While in the running pandemic where all the past crafted strategies are gone failed due to the second wave of covid-19 that is destroying all types of business running in the nation, it has become necessary for the management team to form new strategies to cope up with the situation. However, beautiful the strategy one plan, occasionally the result is seen because the real challenge in crafting strategy lies in detecting subtle discontinuities that may undermine a business in the future. And for that there is no technique, no program, just a sharp mind in touch with the situations, says Henry Mintzberg.
Strategies to be implemented
Strategy carrying the key to reaching customer needs and success should be innovated and executed to cope up with the situation. Therefore some of the strategies that can be executed in the business especially during the time of crisis are as follows:
- Innovation –time of Covid -19 is believed as the worst time for the Nation as well as the business because a great loss is suffered by the company. Coping up with the drastic environment, a business can utilize this worst time by converting it to the best time, by trying new things and innovating the strategies to run the business or to invest the time in the R&D (Research and development) department of the company.
- A way to online – In India, the maximum market which is captured is mostly the retail business that mainly comes under the small business and sells their good in offline modes, so this is the best time for the small business to move towards the online mode from the offline mode. Because it is the time where all the country is suffering from the crisis and lockdown and the retailers who sell goods to their locality are mostly facing full closure as the source of income.
- Creating a Buyers Persona- creating a buyers persona, lets you know the needs of your customers; thus it results in the business being a problem solver. Knowing the buyer’s persona during a covid-19 crisis can help a lot to business as the lifestyle of many people and family is seen to be completely changed as compare to the past few years lifestyle. Due to this a new market has formed and has given a great opportunity to the business to change their strategies with changing lifestyle.
- Investment in advertisements –observing the running situation the most difficult task for the business and firm is to bring out the new customers to the business. But the condition is much worse than that the new customers are many far as well as existing customers are stepping back, so in this situation, the company should invest a part of the capital on advertisement till the pandemic which can bring the new customers to the company.
Powerful things happen when you start putting in the work to achieve your goals, you become addicted to the progress and fall in love with the process. It doesn’t matter whatever the situation is because if you let yourself be positive in a negative situation then you win. Because somewhere deep down in your business heart there is a whisper that says, “You can do it”. Thus, the business is all about the strategy that should be innovated from time to time coping up with the situation as strategy relates with customers. And you are not the one who builds business, but you build customer and then customer build business.