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What is the ideal correction plan and its roles in crisis (ex. decrease spending and expenses - KSA consumers that affecting the market recently behavior -) management ?
Crisis management refers to facing business issues that crop up without any alert. In the case of Crisis management the following have to be adhered to -
1) Know what the crisis is
2) Know the cause of the Crisis - is it controllable or uncontrollable, is it internal or external, is it a business crisis, market crisis, political crisis, economic crisis, social crisis, people crisis etc.
3) Understand the main root problems and note the business activities being affected
4) Work out alternate and back up plans for the events and activities being adversely affected.
5) Balance your decision with cost control factors
6) Go slow on expansion and investment plans
7) Negotiate for temporary Rent considerations and credit extensions and honour the agreed terms
8) Convert the stocks into cash by extending good discounts and promotions so that there is no danger of dead stocks.
9) Reduce the operational expenses by optimal business timings.
10) Re-plan to use the available manpower in an optimal manner.
An ideal correction plan in hard times will take all business aspects into consideration and ensure that the negative effect is minimised.
