CRISIS AS A CATALYST FOR THE DEVELOPMENT OF A BUSINESS ORGANISATION

Abstract

The article provides an in-depth analysis of the concept of "crisis" in a business context and summarises approaches to defining this concept. Different types of crises are categorised based on their origin and diverse manifestations. "Crisis" is regarded as a phenomenon that can present opportunities and challenges for generating new strategies and adaptations that will help a business organisation to maintain a competitive advantage in the market. Crisis phenomena can contribute to business growth, but only if businesses have learned to adapt to market changes and find new sources of finance. During an economic crisis, business organisations can expand and develop by using new technologies, growing e-commerce, attracting new customers, establishing cooperation and partnership relationships, etc. This research article presents a systematic approach to the available modern crisis management tools and explores strategies for business development during crisis times. A business's response and recovery from a crisis can be greatly facilitated by thorough planning and preparation for potential crisis situations. Crisis management involves the establishment of monitoring systems for the early detection of potential crisis situations. This enables the organisation to take rapid action before the situation escalates. Early detection can significantly reduce the impact and severity of a crisis. Effective crisis management begins with proactive planning. Organisations develop comprehensive crisis management plans that outline potential risks, scenarios and strategies for managing different types of crises. The study showed that it is important to maintain the trust of both customers and employees, look for new opportunities for growth, and act quickly and decisively in difficult circumstances. Business leaders and managers need to be prepared for unforeseen changes, act quickly when the market changes and constantly look for new opportunities for growth in order to deal effectively with crisis situations.