Strategic Adjustments for Long-term Survival and Growth Amidst COVID-19 Challenges.: You are head of strategy of a company with operations in Canada who believes it will marginally survive the COVID-19 challenges.

QUESTION

Topic: You are head of strategy of a company with operations in Canada who believes it will marginally survive the COVID-19 challenges. What do you suggest the company undertake to alter or strengthen its strategy and approach moving forward? Your ideas must be logical and compelling

Step 1: Current Situation

You will be providing a status update to ensure your stakeholders have a full understanding of how COVID-19 has impacted the company/division/department you are responsible for. Some areas that could be addressed are the following (choose one):

• Revenue and sales compared to last year (annually or quarterly) – have they increased, decreased, etc.
• Pre-COVID strategies versus post-COVID reality – How have your original strategies worked out? How has COVID impacted them? What changes may be needed?
• What this means for the company/division/department – What predictions will not be met? What financial challenges are expected? Is the company’s survival in danger?
• What is the overall impact and what actions will be required to address that impact?

Step 2: Plan of Action (Action Plan)

You will outline the changes and adjustments that will be needed to address the challenges arising from COVID-19. Consider the following 2 types of items:

• Strategy adjustments (What will you change?), for example:
  • re-focus on core markets/customers
  • expand to new markets/customers
  • take a different approach to teaming/partnering
  • adoption of new or different technologies
• Critical Investments Required (This could be proposed cost savings)
  • new technologies to adopt – What costs are involved?
  • people – Do you need to downsize/hire/retrain?
  • communications/marketing – What new communications and marketing will be required?
  • facilities/infrastructure – Do you need to change your manufacturing, offices, buildings, etc.?

Step 3: Expected Results

You will outline how the proposed changes will impact the company/division /department positively

• Financial impact
  • Will this provide revenue stability, minimize downturn, other?
• Human resources
  • Will we be able to keep skilled personnel to form a base for future growth when the markets rebound?
• Market share
  • Will this enable us to maintain market or grow our market share?
• Future positioning
  • Will the changes provide a base for future growth, protect our current lead in market, or other?
• What happens if we do not carry through with plan of action?
  • Will we lose market, personnel, technological advantage, other?

Step 4: Our ask/ what you want (to the Board / leadership)

• What money and /or other resource(s) do you require?
• When do you require this money or resource(s)
• Make a request for approval.

 ANSWER

 Strategic Adjustments for Long-term Survival and Growth Amidst COVID-19 Challenges

Introduction

As the head of strategy for a company operating in Canada, it is crucial to evaluate the impact of COVID-19 on the business and propose a comprehensive plan to alter and strengthen the company’s strategy moving forward. This strategic plan aims to address the challenges posed by the pandemic and position the company for long-term survival and growth. By providing a status update, outlining the necessary changes, highlighting the expected results, and presenting resource requirements, this plan will guide the company’s decision-making process.

Step 1: Current Situation

Revenue and sales: Provide an analysis of the company’s revenue and sales compared to the previous year or quarter. Identify any significant changes, such as decreases or shifts in customer demand.
 Pre-COVID strategies versus post-COVID reality: Evaluate the effectiveness of the company’s original strategies in light of the pandemic. Highlight the specific impacts of COVID-19 on these strategies and identify areas that require adjustment.
 Overall impact and predictions: Assess the financial challenges faced by the company and the potential risks to its survival. Provide a comprehensive overview of the implications of the pandemic on the company’s operations.

Step 2: Plan of Action

Strategy adjustments: Outline the necessary changes to the company’s strategy, such as refocusing on core markets and customers, exploring new markets or customer segments, adopting a different approach to teaming or partnering, and leveraging new or different technologies.
Critical investments required: Identify the investments needed to support the revised strategy. This may include adopting new technologies, restructuring the workforce, enhancing communications and marketing efforts, or modifying facilities and infrastructure.

Step 3: Expected Results

 Financial impact: Explain how the proposed changes will contribute to revenue stability, minimize downturns, or improve financial performance.
 Human resources: Demonstrate how the strategic adjustments will enable the company to retain skilled personnel, creating a foundation for future growth when the markets rebound.
Market share: Detail how the changes in strategy will help the company maintain or increase its market share.
Future positioning: Highlight how the proposed adjustments will establish a strong foundation for future growth, protect the company’s current market position, or enhance its competitive advantage.
 Consequences of inaction: Discuss the potential risks and consequences if the plan of action is not implemented, such as losing market share, talented personnel, or technological advantage.

Step 4: Our Ask/What You Want

Resource requirements: Clearly state the financial and other resource needs to implement the proposed changes effectively. Specify the amount of funding required and the timeline for accessing these resources.

Conclusion

In response to the COVID-19 challenges, it is essential for the company to undertake strategic adjustments to ensure its survival and long-term growth. This comprehensive plan addresses the current situation, outlines the necessary changes, highlights the expected positive impacts, and presents the resource requirements. By proactively adapting to the new realities, the company can navigate the challenges posed by the pandemic and position itself for success in the post-COVID-19 era.