{"id":365,"date":"2020-06-04T11:01:03","date_gmt":"2020-06-04T11:01:03","guid":{"rendered":"https:\/\/trusteconomics.eu\/?p=365"},"modified":"2021-09-08T16:20:01","modified_gmt":"2021-09-08T16:20:01","slug":"the-respecification-of-business-as-concerns-their-approach-to-the-risk-taking","status":"publish","type":"post","link":"https:\/\/trusteconomics.eu\/index.php\/2020\/06\/04\/the-respecification-of-business-as-concerns-their-approach-to-the-risk-taking\/","title":{"rendered":"The Respecification Of Business As Concerns Their Approach To The Risk Taking"},"content":{"rendered":"<p>The pace of development of the current health crisis and the magnitude of its social implications are driving developments in most companies around the world in terms of their approach to investment or business risk, respectively.<\/p>\n<p><strong>Business objectives in terms of reducing the size of the business risk<\/strong><\/p>\n<p><strong>1.<\/strong> From now on, the primary goal of the companies will be the under shaping business planning to determine the high survival rate of businesses through their high resistance to all types of crises.<\/p>\n<p><strong>2.<\/strong> Companies are expected to develop stronger Crisis Management Plans that will increase the ability to deal with all types of crises. Their outstanding Crisis Management ability will be a strong comparative advantage for a business as it will also be a critical factor to consider by potential investors.<\/p>\n<p><strong>3.<\/strong> The strictest regulations that will govern the new obligations that should be implement companies and especially organizations and large business groups that manage critical infrastructure and services e.g. water companies, gas companies, telecommunications, banks, etc.<\/p>\n<p>By\u00a0<strong>Thanos S. Chonthrogiannis<\/strong><\/p>\n<p><em>\u00a9<\/em><em>The law of intellectual property is prohibited in any way unlawful use\/appropriation of this article, with heavy civil and criminal penalties for the infringer.<\/em><\/p>\n<p><strong>The new business opportunities <\/strong><\/p>\n<p>In every crisis, business opportunities are always opened, which companies that could perceive and adapt quickly to this liquidity of situations are able to take advantage of, seizing every opportunity presented to them.<\/p>\n<p>To achieve this ability on the part of companies will need:<\/p>\n<p><strong>1.<\/strong> Companies on both short-term and long-term horizons should develop<\/p>\n<ul>\n<li>Authentic strategies and functional models displaying<\/li>\n<li>At the same time high adaptability and<\/li>\n<li>Immediate response to new consumer behaviors that may stem from the slowdown in the economy, the imposition of lockdown measures, and the slowdown in their competition.<\/li>\n<\/ul>\n<p><strong>2.<\/strong> By strengthening resilience and resilient strategies, businesses they manage to increase their degree of ability to absorb to a high degree the vibrations that may be caused by an accidental or unforeseen event.<\/p>\n<p>To achieve this ability requires skill for:<\/p>\n<ul>\n<li>Immediate recognition of critical, for the viability of strategies as well as operational features such as products\/services, staff, suppliers, infrastructure, security systems, etc.<\/li>\n<li>Search and adopt appropriate measures to protect these features to design effective response and recovery strategies for their businesses after the crisis.<\/li>\n<li>Simulations and testing the resilience of these protection measures and the implementation\/testing of appropriate strategies in practice.<\/li>\n<li>Staff training in these techniques.<\/li>\n<li>Management training in these crisis simulation techniques\/strategies.<\/li>\n<\/ul>\n<p><strong>3.<\/strong> On the other hand, increasing the degree of business adaptability will offers companies:<\/p>\n<ul>\n<li>The ability to quickly recognize changes in the external environment\/markets that operate and work.<\/li>\n<li>The ability to quickly adapt their operation and range of products and services in order<\/li>\n<li>To significantly reduce and take advantage of the effects of the changes and fluidity of the environment in which they operate. For example, the creation of synergies between different sectors of the economy to meet the changes caused by the crisis of the Covid-19 pandemic, more specifically automobile industries, are creating new lines of medical production.<\/li>\n<li>To achieve all the above, it is a prerequisite for the companies to receive immediate and reliable information so that their administrations can react properly and at the right time.<\/li>\n<\/ul>\n<p>Above all, however, both citizens and businesses must accept that societies and economies will henceforth experience periods of high uncertainty and will have to adapt accordingly.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pace of development of the current health crisis and the magnitude of its social implications are driving developments in most companies around the world in terms of their approach to investment or business risk, respectively. Business objectives in terms of reducing the size of the business risk 1. From now on, the primary goal &hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[163,6],"tags":[165,164,166],"class_list":["post-365","post","type-post","status-publish","format-standard","hentry","category-corporates-businesses-industries","category-publications","tag-business-plans","tag-business-risk-taking","tag-crisis-management"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts\/365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/comments?post=365"}],"version-history":[{"count":1,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts\/365\/revisions"}],"predecessor-version":[{"id":366,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/posts\/365\/revisions\/366"}],"wp:attachment":[{"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/media?parent=365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/categories?post=365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trusteconomics.eu\/index.php\/wp-json\/wp\/v2\/tags?post=365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}