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RBC BANK Current Situation and Strategy

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Topic: You are head of strategy of a company with operations in Canada who believes it will marginally survive the COVID-19 challenges. What do you suggest the company undertake to alter or strengthen its strategy and approach moving forward? Your ideas must be logical and compelling
 
Step 1: Current Situation
You will be providing a status update to ensure your stakeholders have a full understanding of how COVID-19 has impacted the company/division/department you are responsible for. Some areas that could be addressed are the following (choose one):
 

  • Revenue and sales compared to last year (annually or quarterly) – have they increased, decreased, etc.
  • Pre-COVID strategies versus post-COVID reality – How have your original strategies worked out? How has COVID impacted them? What changes may be needed?
  • What this means for the company/division/department – What predictions will not be met? What financial challenges are expected? Is the company’s survival in danger?
  • What is the overall impact and what actions will be required to address that impact?

 
Step 2: Plan of Action (Action Plan)
You will outline the changes and adjustments that will be needed to address the challenges arising from COVID-19. Consider the following 2 types of items:
 

  • Strategy adjustments (What will you change?), for example:
    • re-focus on core markets/customers
    • expand to new markets/customers
    • take a different approach to teaming/partnering
    • adoption of new or different technologies
  • Critical Investments Required (This could be proposed cost savings)
    • new technologies to adopt – What costs are involved?
    • people – Do you need to downsize/hire/retrain?
    • communications/marketing – What new communications and marketing will be required?
    • facilities/infrastructure – Do you need to change your manufacturing, offices, buildings, etc.?

 
Step 3: Expected Results
You will outline how the proposed changes will impact the company/division /department positively
 

  • Financial impact
    • Will this provide revenue stability, minimize downturn, other?
  • Human resources
    • Will we be able to keep skilled personnel to form a base for future growth when the markets rebound?
  • Market share
    • Will this enable us to maintain market or grow our market share?
  • Future positioning
    • Will the changes provide a base for future growth, protect our current lead in market, or other?
  • What happens if we do not carry through with plan of action?
    • Will we lose market, personnel, technological advantage, other?

 
Step 4: Our ask/ what you want (to the Board / leadership)
 

  • What money and /or other resource(s) do you require?
  • When do you require this money or resource(s)
  • Make a request for approval.

 
Add references if necessary

 
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