Communicating with our clients and partners from all over the world, we don’t have a shadow of doubt that the entire world is already in crisis due to the spread of COVID-19. As an anti-crisis management business consultant with over 20 years of experience, I can say with 100% certainty that the crisis is not something far and unknown for Ukraine and Ukrainians. For this country, the crisis is a daily reality. Unfortunately, or fortunately, crises have haunted our country since the day of its creation. It began with the years of independence, then we had the revolution and the war, and all this happened in the short 27 years of the country’s existence. As an anti-crisis consultant, I can explain all the mechanics of entering a crisis, passing through and getting out of it. Here is what a business needs to know about the crisis:
- The crisis cannot be pleasant. It is complex from a psychological and financial point of view.
- During the crisis, the established old processes and business solutions do not work and will not work.
- In order to survive, a company needs to be able to rapidly change (business processes, search for new markets, ways to optimize and reduce operating costs, introduce new types of services, etc.) and make fairly fast and innovative management decisions.
- You need to become flexible and start seeing opportunities where you simply haven’t seen them before or where there were no opportunities at all.
- Accept the fact that financial losses are an invariable part of the crisis. However, this process is temporary and if everything is done correctly, minus will turn into a big plus.
- Accept the fact that it may not work, but you should continue to act against all the odds. Every day you should do the best that can be done even in a very difficult situation.
- Of course, never ever give in (the words of great Churchill during the great world crisis).
- Create an anti-crisis headquarters which consists of your team members (it is better that experts from various departments be assigned to it), regularly conduct brain storming, and discuss new opportunities, existing challenges and possible options for action.
- Study living examples in practice, the existing methods of overcoming the crisis.
- Create your own anti-crisis strategy based on the individual needs of your business.
- Select individual tools necessary and acceptable for your anti-crisis strategy implementation.
- Check your anti-crisis strategy every day and make the necessary changes to it depending on the external and internal situation.
- The good news is that every crisis has both its beginning and its end. The date of term of the crisis can be calculated to a high precision, based on the analytical data.
We can definitely state that crises are necessary for all of us – there is no growth without them, no change, no movement. A crisis is a unique opportunity; it works in the same way for a business, for a person or for the whole world; it is a chance to become even stronger. Moreover, if passing and exiting from the crisis properly, it will guarantee you incredible advantages and bonuses. What bonuses you can get in the case of the crisis:
- Business processes optimization
- Search and development of new markets
- New products and services creation
- Business resilience to new challenges and crises
Therefore, an anti-crisis way of thinking, studying the crisis and creating an anti-crisis business strategy should become an integral part of any business environment and any management decision made. An anti-crisis strategy developed and implemented in business processes in time will help move away from the ‘crisis = death or chaos’ concept, and move on to understanding that crisis = opportunity. Furthermore, there are huge opportunities for growth. This is what will help businesses and people be ready, come to the understanding that the crisis is a necessary part of growth and it is during the period of crisis that you can start with a breakout success.
For Ukraine, the crisis caused by COVID-19 is a big chance.
Almost all types of businesses have an anti-crisis strategy in Ukraine. It is simply impossible to survive in Ukraine, much less to become successful without an anti-crisis strategy. A great deal of companies does not know that they have such a strategy, but any Ukrainian company has it.
For a foreign investor, during the global crisis Ukraine is becoming attractive and these are the reasons:
- Perfect territory location for the logistics services production and/or provision both for the domestic market and for the market of EU countries.
- New market outlet (42 000 million people).
- Possibility of obtaining a private ownership asset in conjunction with a land plot by purchasing the land directly from the state.
- Significant reduction in operating costs for any business:
- Cheap labor force (there is a large number of skilled labor). A high salary for a highly skilled worker is €
- Cheap local material resources used in production.
- Opportunity to receive reduced tax rates if an asset is sold in a special taxation zone.
- Low land and asset cost.
- There is no severe competition; the market is not structured.
- Minimum term to enter a new market.
- Opportunity to receive planned profit during the global crisis.
Moreover, Ukraine is a new market which in fact is so much-needed by large industrial corporations that really suffered heavily due to the spread of COVID-19 and the actual shutdown of a huge number of business processes in the world. Therefore, Ukraine can become a lifeline that will allow many global corporations to stay afloat with their profit or at least without significant losses.
New markets give new opportunities, including the ability to stay alive. Be flexible and open to inevitable changes and you will change yourself, become stronger and discover new worlds.