Anticrisis economics with EBA Odesa: “How to refresh your business”
Any situation in which the company does not have time to prepare for change can be considered a crisis. To prevent this, it is necessary to understand the causes of the crisis as early as possible and take measures before the first signs of financial difficulties. So how do you stay afloat and cost-effective despite all the economically unfavorable circumstances?
On May 6, 2020, the member companies of the EBA Southern Ukrainian Office took part in the online meeting of the new format — Anticrisis economics with EBA Odesa. Together with the speakers, co-founders of the creative agency 4Press — Kateryna Vershinina and Andriy Salamatov, were looking for unusual fresh ideas and solutions on how to stay afloat in the new conditions. Moreover, we reviewed strategies for adapting to changes that work on practice, learned how consumer policy change during the crisis and what are the trends in marketing development in the short term perspective.
Thus, any strategy in a crisis is based on the Lean startup model, tools, tactics of their application and understanding of their role as the owner. So, in order to stay afloat, some companies need to turn to this model and take the business “into own hands”. For the transformation of processes and products for the business owner it is important: return to the operating room and stand behind the wheel; take responsibility for your business, strategy and decision-making; keep open and discuss problems, plans, prospects with the team; continue external communication and not to stop investing in marketing; develop new tasks and projects internally, especially if the workload is reduced; monitor social networks in order to understand consumer behavior. Draw conclusions and develop new products; use creative techniques (Lateral thinking, Theory of Invention Tasks Solving, Design thinking) for decision making in business and product design, etc.
Summing up the meeting, in times of crisis, it is important for companies to develop the most effective model of action as soon as possible, which will ensure its financial stability. Creative will save the world, so let’s go beyond the usual and continue to develop in new conditions!