In tumultuous times, it is obviously tempting for businesses to want to do away with business theories and strategies; in fact, most businesses wonder whether they actually need any strategy at all apart from maintaining the bottom line.
They actually do.
Nigeria is currently facing a crisis of employment with many job seekers contending for the limited available job placements. The reasons for youth unemployment are numerous but chiefly, it has to do with poor skills emanating from a dysfunctional educational system, lack of infrastructure and so on and so forth.
It is therefore tempting for some businesses to fold their hands; withhold their investments until a more auspicious time. This is wrong as the biggest business are built in times of recession.
Businesses in turbulent times should follow the following strategy.
- Make difficult choices based on the information you have.
- Stop analyzing and start doing even if you are not sure that what you are doing is going to turn out to be right.
- Learn as you go along and modify you strategy as the occasion demands.
Strategy is all about making choices, modifying, and adjusting as we proceed in the face of the reality we find in the market place.
In the final analysis, it is obvious that we need a strategy even in times of uncertainty and afflictions.