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Maintaining business operations in a financially constricted environment presents a number of unique issues to an organisation and presents a number of challenges (Kao, 2007). While such an environment does create opportunities, exploiting those opportunities is often difficult to manage, most often due to a limited resource base.
Therefore to not merely survive, but to grow throughout the crisis, K&X must develop mechanisms to benefit from opportunities that this environment has created. Prior to the crisis, K&X should have allocated resources to a crisis management plan that will maintain its current operations in a financially constricted environment with limited allocated of additional resources during the actual crisis. By conducting this preparation in more ordinary financial environments, K&X ensures that it will maintain relevance during challenging times while its industry peers are caught more unaware and must then engage in cost reduction measures to maintain their core business operations (Shim, Siegel & Dauber, 2008).
Having already ensured its relevance and continuance in a challenging environment, K&X will then be poised to better recognize and exploit opportunities as they arise. This is particularly valuable as few new ideas, products, or processes are introduced to market in times of crisis. Most other organisations in the industry will be developing or implementing new services, allowing K&X a unique opportunity to fill that void (Griffin, 2008).
In order to position itself favourable in a challenging environment, K&X must first develop and maintain a crisis management p ...
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