Right Strategic thinking has been taken as the right instrument to solve the dire problem like COVID 19. Strategic thinking often produces better insight and ideas. Idea and insights can generate through active social media interactions such as Facebook, Twitter, and LinkedIn. Organizations in tough times like COVID 19, need to explore the influential components like strength, weakness, opportunity, and threat vigorously. By examining such issues, this will give an idea on the market position, customer’s intention, competition, and rivals’ status. Right strategic thinking on these elements always supports to come to a concrete decision on solving critical issues promptly.
High revenue followed by a significant growth is strength, and a declining business growth rate at a decreasing rate is the organization’s weaknesses. Similarly, capturing high market share is an opportunity, and intense competition is a threat for the organization—these four phases revolving around constantly, at a decreasing rate, or increasing. Organizations need to examine and explore these forces at the time, like COVID 19, even further detail.
Strength also means an extensive operative process accompanied by tremendous customer loyalty. Weakness is a low financial position, and opportunity is an increased market position. Similarly, the threat is decreased transaction volume caused by the crisis like COVID 19. At the time, like COVID 19, organizations, especially retail and wholesale business organizations, suffer much by low income and even reduced transaction volume. Threat and weakness at the tight time like COVID 19 occur frequently. Opportunity and strength are the positive outcomes of the organization. A situation like this appears at the time of high prosperity and growth. Organizations these days are not experiencing such a position because of COVID 19.
Strength also means an extensive operative process accompanied by tremendous customer loyalty.
Strategic thinking is a systematic and concentrated focus on the decision-making process. The time and the right decision to solve critical issues like COVID 19 is the top concern for all policymakers and business promoters. At a tough time, all business owners and entrepreneurs need first to design short-term strategic problem-solving planning. The process supports long term business success. Short business planning gives the base for long term business success. Also, entrepreneurs need to focus on creativity and innovation on matters directly linked with disaster mitigating programs. For instance, the right strategic thinking like formulating guidelines ahead on social distancing and making compulsory wearing a mask at the places where mass people gather can decrease the risk produced by the disaster like COVID 19.
Short business planning gives the base for long term business success.
At the time of crisis like now, strategic thinking will create additional knowledge to solve the mushrooming problems. Making a difference even in a tight time like now is a challenging task. Right strategic planning in a proper time facilitate decision-makers to create ideas on tackling rightly on complicated issues like COVID 19. Hence, as said, even in a tight time like now, business entrepreneurs need to produce high -class brands accompanied by a reasonable and justifiable price. A tactical problem-solving strategy will be an effective instrument for this reason.
A tactical problem-solving strategy will be an effective instrument for this reason.
An entrepreneur needs to frequently check the internal and external factors that directly and indirectly affect business. Right strategic planning sets a better value, an outcome produced through honesty, brilliance, and originality. Strategic thinking also appears as a form of right action and behavior. Thus, to get success in such a crisis time, a business entrepreneur needs to bring excellence in every aspect of the business operations and activities. It is the correct value and the vision of the organization.
Strategic thinking also appears as a form of right action and behavior.
Subsequently, the right strategic planning at the right time guides entrepreneurs to strengthen opportunities while minimizing threats and weaknesses. An entrepreneur needs to base past activities, trends, and results before setting the proper strategic planning. Businesses always revolve around the environment, customers, and resources.
Accordingly, exploring the possibility and the ways to get the postulated outcome even in a crisis like COVID 19 is the only meaning of strategic thinking. Formulating and implementing strategic planning in a fair manner is the single effective instrument to overcome unsolvable problems like COVID 19. It is also the best idea and priority action for every business success-seeking entrepreneur. The right strategic planning continuously directs the future path and corrects the maladies that occurred even in a crisis like now. Proper strategic planning is also the outcome of the right strategic thinking. It is the byproduct of a capable entrepreneur.
It is also the best idea and priority action for every business success-seeking entrepreneur.
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