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The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
 
 
 
 
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In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

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Home » Solutions » Articles » Business recovery in the context of financial crisis
Business recovery in the context of financial crisis  

Business recovery in the context of financial crisis



 
 

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new CentriQS -15% OFF
Business management software
for small & midsize enterprises

Play Demo

VIP Task Manager
Task management software
for teams & small offices
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Financial crisis can strike suddenly at any time. More companies make a universal mistake when desiring to sell out all assets in order to stay off creditors. These companies sell their assets to buy time. But they just postpone the failure. If you want to strike down and recover your business, do not sell out your property and other assets, because this mistake leads to the failure, and in such a way you will not avoid the negative impart of the crisis . Do not sell your assets unless you are assured that you will have enough money at the end of a period to pay out your bills to your creditors. Even if worse comes to worse, you may discuss partial payment with the creditors and settle the issue of liquidating your assets.

Reasons of crisis

There are a number of crisis reasons that companies fail, and the clear understanding of them is the key to take corrective measures in reorganization and recovery . In accordance with a survey done by specialists, the primary crisis reason is excessive operating expenses. Among other reasons the most outstanding are insufficient profits, industry and competition, insufficient capital, too much debt, inadequate sales. Such reasons as neglect, fraud and disaster takes the lowest probability to be occurred.

Plan

When crises happen, there should be developed a plan that ensures a positive and effective response. Development of a recovery plan for a company needs strong crisis management and leadership by well-trained employees . Everyone within the company should know what his/her duties and roles are in the solution. It is a process by which the crisis manager overcomes negative impacts and begins recovery . A recovery plan deals with the immediate and direct response to economic crisis to protect the company and provide business continuity. Development and implementation of plan is a key to success at company conditions. To generate management plan , the manager and team must consistently format plan documentation according to the economic changes, but the following measures must be included:

  • Defining employees involved and their duties and tasks
  • Approving methods for assessing crisis
  • Approving methods for involving the company management
  • Defining lines of communication
  • Setting mechanisms for reporting
  • Selecting methods for decision-making process
  • Providing equipment and occupation of crisis management center
  • Setting authority limits and control levels

These measures should be taken at once the company crisis is occurred and identified. The introducing of management plan by the manager and the team gives the company numerous and immediate benefits such as enhanced safety for staff and customers, effective management and increased staff awareness of the company, increased confidence and morale within the company, protected business reputation, reduced risk of bankruptcy.

Business recovery in the context of financial crisis

VIP Task Manager software offers solutions for overcoming economic crisis and improving management . The application allows to collect data and transform them into performance metrics that demonstrate operational expenses and risk. VIP Task Manager is a platform for companies that want to create a single system that enables effective management across the company. With VIP Task Manager you can elevate your management capabilities to a new level. In the context of company crisis , you get the following abilities:

  • Maintaining a clear tracking, auditing and recording of actions to reduce risk
  • Creating pre-defined task templates to quickly and proactively strike crisis
  • Organizing and tracking each task and process through detailed report documentation
  • Notifying management on changing conditions and assigning supervisors
  • Providing instant and effective communication between management, employee and stakeholders

VIP Task Manager enables you to give adequate response to the company crisis and to control capability in striking and preventing crisis and recovering your business.

Read also a new article about process management project management client-server software for Windows

     

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Task management software
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