A crisis is like an epidemic. It spreads at first in secret and catches you by surprise. Your reaction will follow a well defined sequence and before you can react, you will be deadly ill.
The sequence will probably be as follows:
- The denial phase: I will not be infected, my market is different. It will not last.
- The anger phase: why me?
- The depression phase: I will lose everything I have patiently built up in the last years. What should I do?
- The survival phase: help, I want to fight and find solutions.
This sequence may spread over 6 months or more, too long a time to save the necessary financial resources for the fight.
I see too many companies in Bulgaria that do not react quickly enough and expect good news from the market. Do not expect anything, act now, save cash, concentrate on your core and wait for the good time to come back. Sometimes it helps to exchange ideas with a turnaround specialist.
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