A good strategic decision making would likewise propose that we create three practical choices before selecting a way to take. At the point when time is short, the first choice we create is frequently the one we follow. However, choosing the best option is more important than taking the first. Strategic Management is the overall long-term goal of an organization that involves managing it as a whole. It is vital to think of the best decision to make in planning what will happen to your company after Covid-19. In a business world where change is prevalent, strategies are the best way to cope with the challenges. It requires time and effort to formulate the best practical solution to make. However, how can we apply this after Covid-19?
The safety and welfare of the customers and employees will be the top priority. Various strategy models could help in planning for a compelling business operation;
First, the balanced scorecard aims to balance management and decision-making with the goal that we are not merely considering one factor (customarily, the financial perspective). The scorecard model recommends that even though we may need to put more weight on one of these measurements temporarily, we should not forget about other factors. Since the quick spread of COVID-19 has happened, lawmakers’ focus has been to “flatten the curve,” to stay away from the exponential explosion of cases that would overpower our human services frameworks. We have swung from a substantial spotlight on financial execution to a single spotlight on lessening the KPI of “number of new cases per day.” It creates the impression that our social lives are to be considered any subsequent negative effect on the economy.
Second, it is essential to know our strengths, weaknesses, opportunities, and threats. In formulating the SWOT analysis, it is necessary to be realistic, specific, short and comprehensible, and relevant. The strength of business is that it is a hygienic, safe, and clean environment from preparation to serving the coffee. We make sure to secure alcohol for every table, still follow the safety protocols of one-meter distancing and wearing of face masks. Since it is after the COVID-19, there will be many weaknesses; for instance, people will be hesitant to go out, resulting in fewer customers and less monthly profit. However, there will be many opportunities to persuade them by using social media platforms and showing them how business looks like, as well as the customers’ feedback and experiences. A threat there could be new competitors will come, increase operating costs, and rental expense.
Third, four generic strategies, namely cost leadership generic approach, differentiation industry-wide generic strategy, cost focus, and differentiation focus. The critical thing in this model is that an organization must choose only one. As a manager, considering many employees, it is safe to use the differentiation strategy because this will convince the people that the quality and functionality is worth a higher price. It could help to satisfy the customers with the products which will avoid complaints. In terms of the employees, this will also improve the services they provide for the customers.
Fourth, the review wheel is connected with strategic control, including managing the execution of a long-term goal. The views of each level or steps differ; however, the important thing is that they are appropriately managed. The senior managers can use the review data to make conclusions and scenarios, purpose, and business models. It aims to have long-term success and survival in the business industry, that is why a review is essential for the organization’s interactive learning framework.
Fifth, the strategy implementation is creating the appropriate organizational framework and processes to execute the strategic plan. It can be done in five steps. First, secure an employee with useful competencies, values, and skills that will benefit the business. Second, having a sufficient amount of capital and managing the time in supporting the implementation process. Third, building a structure of management and authority with an open interaction with employees. Fourth, the technological and management systems help trace the process and easy to adapt to the adjustments. Lastly, build an environment that connects the organization’s mission to the employees.
Lastly, the four levers of strategic control (belief system, boundary system, diagnostic control system, and interactive control system) need to cater to the expected strategy and the local experimentation and initiatives of personnel. The four levers of strategic control are all critical in an organization’s success and maintaining balance. The belief and boundary systems focus on employee behavior; while, diagnostic and interactive control system focuses on objectives.
The strategy should link to its company identity to achieve its purpose and have long-term success. A business should always think and be innovative to gain a competitive advantage against competitors. Considering the possible scenarios in every strategy model I’ve mentioned, the best strategy to apply will be the levers of strategic control, which aims to balance everything to have a better future and success in business. To be effective in strategic management, as a manager, I should understand the organization as a whole in terms of its goals and adopt a suitable method for the long-term benefit. Thinking of possible pros and cons in applying a strategy will also help. It is necessary for business companies to continuously grow and improve in the fast-changing business environment by implementing strategies to keep the businesses a competitive advantage. We must ensure that the business strategies that we implemented keep the business stay on track. As President Rodrigo Duterte said,” Few men imbued with the will and the courage to do what they think is right and just. Whatever the oppositions may be, in terms of numbers and noise makes a majority, for it is not an eagle in the fight but the fight I the eagle that matters.”