5 Key Strategies Used by Businesses to Overcome the Covid-19 Crisis

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The Covid-19 pandemic has left the world unprepared. Schools, factories, shopping malls, offices, everything has been shut down. The entire global economy is tussling to stay afloat. It’s a challenging phase for all, especially for the business owners. Even though this is a tricky situation to deal with, it is definitely not the time to lose hope over the losses that the business has already incurred.

It is the time to fight and come back together as a community, re-think every business strategy you have put into place, and the relevance these would hold in the post-coronavirus scenario.

Also Read: The Ideal Strategic Management Model: Decoded

5 Business Strategies for Surviving the Pandemic

So, here’s a list of key strategies you can use to overcome the Covid-19 crisis.

1. Review Workforce Locations and Travel

The priority is to keep the workforce safe, which is why you need to establish where your staff currently is and how many workers are in the containment zone. Do any of them need to be repatriated, or they can work from home? Also, make sure to review, reschedule, or cancel all upcoming travel plans.

2. Revisit Your Crisis and Continuity Plans

Every well-run business has a streamlined continuity plan, and many may even have a plan for a pandemic. But nothing tests theory quite like reality. So, generic strategies need to be adapted and tailored according to your business type to cope with specific challenges of Covid-19.

Also Read: Key Steps in the Strategic Management Process?

3. Evaluate Your supply chain

A clear understanding of your supply chain can help you expose potential vulnerabilities. This means beginning with the most critical aspects of the supply chain right down to tracking the raw material. For an in-depth understanding of such strategies and their implementation, you can always pursue credible strategic management programs. One such course that is increasing in demand is the strategic management IIM Lucknow course.

4. Identify Potential Failure Points

Who are the employees on whom critical processes or services depend on?
Are there replacements available for such employees?

Identify the potential points of failure of your business and make strategies to overcome them. Just so you are prepared to overcome any challenge that this pandemic throws at you, enroll yourself in strategic management programs and help your business get through these unprecedented times.

Also Read: The Components of Strategic Management

5. Get Communication Right

It is hard to keep the workforce informed in a pandemic situation. Also, in such cases, employees are looking for reassurance that they’ll be protected and won’t lose their job. As a business owner and as their leader, you need to make sure you communicate the needful to the employees and put them at ease so they can focus on their job.

Also Read: Building Competitive Advantage with Business Management

Bottom Line

We don’t know what the coming months have in store for us. But, if the outspread of Coronavirus is not contained, businesses will need to be agile to respond. And, only the experienced and trained will survive. So, consider pursuing strategic management programs to help you overcome business-related challenges. A credible course like strategic management IIM Lucknow course offered on the Talentedge platform is an ideal choice as it is up-to-date with the latest curriculum and staffed with some of the best faculty of IIM.