CRISIS MANAGEMENT STRATEGIES FOR BUSINESSES: PREPARING FOR AND RECOVERING FROM ECONOMIC DOWNTURNS AND GLOBAL DISRUPTIONS

Аннотация

Economic downturns and global disruptions pose significant challenges to businesses, necessitating robust crisis management strategies to ensure survival and recovery. This paper examines the key strategies businesses employ to prepare for and recover from crises, including financial resilience planning, operational adaptability, and stakeholder communication. A systematic review of existing literature and case studies from past economic crises, such as the 2008 financial crisis and the COVID-19 pandemic, was conducted to identify best practices. The findings highlight the importance of proactive risk assessment, agile decision-making, and digital transformation in mitigating crisis impacts. Additionally, the study explores post-crisis recovery measures, emphasizing organizational learning and strategic realignment. The research contributes to the understanding of effective crisis management by providing actionable insights for businesses to enhance their preparedness and resilience in an increasingly volatile global economy.