The Corporate Strategy Role for Leaders to Achieve Business Continuity and Organizational Success

Abstract

Corporates have been exposed to risks as they operate in various industries, possibly leading to business closure. The increased potential risks of VUCA, wrong strategy implementation, lack of business diversification, and absence of governance may lead corporates to encounter losses ranging from decreased market shares to a total failure to achieve business continuity. Corporate leaders set strategies to provide guidance, improve performance, and mitigate risks. Grounded in Edward Freeman's stakeholder conceptual framework, the purpose of this chapter is to explore the corporate strategy's important role in achieving business continuity and organizational success. Data were collected from a review of previous literature and two case studies of corporate strategies and their implementations. A key recommendation for corporate leaders is to set strategies that fit their corporate needs. A fit for purpose corporate strategy may allow the corporate to achieve business continuity, extend opportunities, and positively impact communities' stability and growth.