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What is Strategic Measures

Chapter 26
Handbook of Research on Strategies and Interventions to Mitigate COVID-19 Impact on SMEs
Execution plans that are established along a firm’s long-term business direction. The tenure of strategic plans varies and usually covering a span of three to five years.
Published in Chapter:
Strategic Measures and Tactical Interventions for COVID-19 Impact Relief on SMEs
Meng Kui Hu (Universiti Sains Malaysia, Malaysia) and Daisy Mui Hung Kee (Universiti Sains Malaysia, Malaysia)
Copyright: © 2021 |Pages: 20
DOI: 10.4018/978-1-7998-7436-2.ch026
Abstract
The COVID-19 pandemic has caused numerous impacts on the global socio-economic environment, affecting the business communities, particularly SMEs that continue to struggle for survival. SMEs are entangled in the pandemic and find it tough to operate as smoothly as before. Without seeing the right tactical interventions to rough out from this pandemic, many SMEs will have to cease their business operations. Even when they are successful in being out of the woods, SMEs must revisit and realign their outdated business strategies to remain relevant and operate effectively in the new normal. The ability to remodel their business and reset new business strategies will be the success factors for SMEs to keep up with the changing business environment and customer patterns. They also need to remain disciplined and persevere in acquiring sustainable business growth in the new normal.
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