What should you do in priority, if unfortunately you have taken a decision putting in peril the survival of the company?

I would assume that the company has already been in a serious situation when another decision trigger a complete loss of fund and survival issue begun.

The scenario is, you can only encounter this difficulty if you are one of them (CEO, CFO, Treasury Manager, Financial Report and Analysis Manager, or any top decision maker of the company).

Priorities to set are:

1.       Immediately effect cost reduction at all levels or departments

2.       Decrease manpower cost by releasing contractual employees and assign their tasks to regular employees loyal to company, releasing senior employees upon notice, they will have due separation supports and benefits so the impact is not that serious compare to the company as you may wake-up one day you don’t have fund to provide their salaries which is worst scenario.

3.      Remove low performing employees at all levels or departments

4.      Improve monitoring maintenance activities causing productions to decrease during maintenance activities or shuts and breaks of machines.

5.       Sell all obsolete things or not moving assets, even junks can be sold

6.       Improve purchasing targets and saving strategies.

7.       Improve dispatch of your products and control warehouse

8.       Improve your sales and marketing campaign to have new customers

Above are my lucky8 priorities should I be facing this problem.

Hope this situation will not happen (crossed fingers).

I agree with the answers Mr. Fazlur Rahman

Following critical points needed to be followed to rescue the business from deep trouble.

1) Reduce the expenditure that are not necessary - Cost cutting measures at all level 

2) Increase the cash flow by reducing the Inventory - Revise the plan more frequently according to demand, Restrict the supplier inflow of materials

3) Fast track the new products that are in pipe line to attract new customers thereby boosting the business sales

4) Liquidate the non-moving and non-performing assets to maintain cash flow

5) Encourage more innovative ideas from your team to keep them motivated and also to improve the performance of the business.

Immediately, you have to take damage control strategy. Talk to your Supervisor and Management and as per advice of the Management, immediately initiate necessary action. The actions could be as follows:

1.       Inform the stakeholders about the mistake and that necessary action has been taken to address the situation.

2.       In case of financial transaction, immediately inform the concerned Banks over phone and  to issue stop payment order

3.       In case of wrong delivery order, correct the order in terms of quantity /consignee.

4.       Immediately alert the security officer in case the office security is involved. 

5.       If necessary, file a General Diary in the Police station.

Agree with experts answers.

agree with answer given by mr. randy

Thanks for invitation and I agree with the answers Mr. Fazlur Rahman

Say sorry first ! And collect fact and analyse the risks and consequences and use the expertise of the company to solve it out.

I fully stand with the Mr. Fazlur Rahman<<<<<<<<<<<<<<<<>

I agree with experts answers, thanks for the invitation. .

1. Meet your team and confess your mistake.
2. Find ways to make things better.
3. Inform your higher management/leadership team of your mistake, but let them know that you've already worked out a way to make amends.