How do you handle crisis

[IB D]

Crisis management is a core part of business management. You just have to apply wisdom and careful judgement to handle crisis.

 

[astutimeliana723]

If I go through a financial crisis, I will immediately reduce my expenditures. I will stop buying unnecessary things. Similarly when a business is in crisis the first thing the owner does is to reduce purchasing and start saving money on the things.

That's right, I totally agree with you. If there is an urgent need and you need money, you can look for a loan. If you can't find a loan, the final solution is to sell some of the company's assets.

 

[cherry123]

Crisis needs a lot of diplomacy and you must ensure that you did not take sides. just find out what happened and begin to judge from there to avoid more issues

 

[nomad]

Sometimes crises cannot be managed and you need to take a hard decision to liquidate your business. That's what I did when my debt began to pile up and I no longer avert the crisis in my restuarant.

 

[cherry123]

Business crises sometimes get out of hands and cannot be managed as expected but you just have to see how you control it but if not you let it go

 

[Heatman]

That is true. We should just make sure that we are able to stay away from the crisis and make sure that we try our best to avoid crisis.

It's why I believe that it's something good to make research and have good knowledge about all your business stuff. It's how you will know how to deal with what comes up.

 

[Bisolami]

It's why I believe that it's something good to make research and have good knowledge about all your business stuff. It's how you will know how to deal with what comes up.

You are right and that is why it is not good for a business owner to stop learning