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Organizations can experience environmental shocks that cause significant changes to the environment that a company operates in. An example of this is the COVID-19 pandemic which is possibly changing the aviation system for decades to come. Therefore, it is important for firms within the industry to react correctly to such environmental shocks. During such a shock, it is important to not exaggerate current, short-term developments due to the underlying uncertainty. To embrace the uncertainty, it is important to sense changes, seize opportunities and transform the organization accordingly. To prepare for future shocks, a common strategy language should be developed which introduces uncertainty as a factor for long-term planning. This allows uncertainty to be managed proactively and long-term plans to be made accordingly. Finally, it is necessary to foster a continuous dialogue with formal and informal strategy meetings, use the right strategy tools as well as ensure a heterogenous capability and creativity level in the board. |
