We are currently fully facing the COVID-19 pandemic and trying to overcome the obstacles that this time brings to our companies and organizations. What could this situation tell us? Could we have been better prepared as managers on strategic level?
The impact of the pandemic is evident at all managerial levels. Each level of management can learn lessons from the present, which can help after the crisis. As a manager on strategic level we should have asked following questions. Find out whether you have done enough to eliminate the impact of the COVID - 19 crisis on your business.
Have we assessed each proposed strategic goal in relation not only to the initial solution but also to the risks? Have we prepared a crisis plan for the period when, for some reason, our current sales of products or services fall below 50%? Have we created reserves to cover a possible crisis? What lessons have we put into practice after the global financial crisis in 2007 and 2008? Do we have a system for signaling an impending possible change in the market? Do we have a sufficiently diversified portfolio of products or services? Does every middle level manager know the TOP 5 values of the company that he/she should follow when making decisions?