Navigating The Storm: Strategic Decision Making In Times Of Crisis
BISJHINTUS
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“Being challenged in life is inevitable but being defeated is a choice”.
Crisis is an ongoing process of life , no one can possess control over it but one can take rational decisions to deal with it. With sound decisions it became indubitably easy to face a crisis. At the time of the global crisis it really? became a matter of death to make sensible decisions to tackle the ongoing uncertainties.
Businesses become more risk-averse during a crisis, as you have witnessed during the phase of COVID-19 where even big firms started firing their employers in order to save money and somehow survive exigency. Their whole concentration lies on the single topic and that is to preserve cash flow, reduce debt, and diversify supply chains to mitigate risks. Companies try to find out ways to somehow do cost cutting by scrutinising expenses more closely, implementing austerity measures such as reducing discretionary spending, renegotiating contracts, and optimising operations for efficiency. Companies whole strategy depends on the ongoing events known as scenario driven strategy to subjugate the issue timely. Several decisions have to be taken to outlive as prioritise strategies that prioritise customer satisfaction, transformation to the new technologies such as AI, adopt alternative sourcing strategies to reduce dependency on vulnerable supply chains. Along with it team cooperation, managing emotions, evaluating the risk factors, considering alternatives are the ways for surviving the phase.
It's the time when your sensible attitude can come forward and take the lead, to pull up your socks to tackle it without any fail and? be ready for the consequences as well. Crises are a way to check out your strength and we should never let a good crisis go to waste as it is like a teacher who teaches you requisite life lessons.
"In the midst of a storm, strategic decision-making is the compass guiding us through turbulent waters towards calmer shores."
"In times of crisis, strategic decision-making is not just about survival; it's about emerging stronger, wiser, and more prepared for the challenges ahead."
written by
领英推荐
Web Content Writer at BISJHINTUS
posted by
Social Media Intern at BISJHINTUS
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