ABSTRACT
The COVID-19 pandemic reiterates clearly that organizations need to be agile by continuously re-assessing and re-innovating their business strategy to respond quickly and deal with the evolving rapid changes in the competitive landscape. This enables them to align, improve, and sustain themselves in the long run. The future entails varying unforeseen and unprecedented circumstances that are bound to occur, be it from shifts in demand to the development of revolutionary technology. Business strategies must be consistently reviewed and adjusted to integrate information from the operations process aspects and the changing external market situations. In reality, a strategy should be viewed as a hypothesis rather than a concrete, rigid plan. In an uncertain and volatile world, accentuated by the pandemic-stricken world that we live in today, it is ever-imperative that business strategies have to be consistently reviewed with agility and growth mindset, validated and calibrated to suit the ever-evolving situational circumstances. Hence, strategy should be viewed as a dynamic activity that goes through cycles of reviewing, testing, and adjusting. All hypotheses do commence with a thorough situational assessment and analysis. As such, to re-assess a business strategy means to re-examine it honestly, while surveying the internal and external environments the organization exists in. Aside from ensuring a strategy’s consistency with its environment, there are other vital criteria to take into consideration when evaluating an organization’s strategy. Upon re-assessment, the next phase would be re-transformation, re-innovation, or improvisation of the business strategy. This means to adjust, improve, and change the strategy in a way that enables the organization to not only keep afloat or survive but the space and momentum to thrive in its present climate. There are targeted ways in which an organization can do this. With today’s increasingly volatile environment, organizations need to adopt strategies that can both sustain their business and equip them with the required capacity to embrace future markets. In this chapter, we would discuss how to re-assess and re-innovate the business strategies and propose recommended action plans that can assist an organization to do so.
