Abstract

2020 has presented some major business challenges that, for better or for worse, have led organizations worldwide to make drastic changes to their strategic approach to doing business. In many cases, revenues have drastically decreased causing a domino effect that has included furloughs, layoffs, cuts for hourly employees, and other difficult decisions that have been made in order to preserve and, in many cases, save the organization. These impacts have been far-reaching and have had an impact on the way the entire business community goes about conducting business.

While it may sound trite, opportunities are becoming evident even in these trying times. Smart organizations are strategically analyzing opportunities to capitalize upon them. From staffing to sales strategies, organizations who are forward-looking are finding the current economic climate ripe with ways to improve future success and position themselves to more quickly recover losses that have been experienced in the past several months. This article will explore ten tips that are key to identifying and capitalizing on opportunities that exist in today’s market. Further, this article will also posit some potential strategic efforts that will allow for organizations to be better positioned to recover faster and prepare for the potential for another disastrous pandemic or other events that could have a seismic impact on society.

Key words: Business, Challenges, Opportunities, Strategy, Covid-19