Economics Crisis Influence on Company Business Decisions and Possibility to Revise the Business Model as a Result of the 2020 Crisis Caused by the Pandemic
A significant deterioration in the economic situation requires companies to be ready to promptly implement anti-crisis measures. At the same time, not every organization uses crisis scenarios. As a result, the business is faced with the need to quickly reallocate resources, optimize the supply chain, adjust personnel and customer policies. These business transformations can be negatively met and ineffective. The purpose of this article is to study the business decisions of companies and identify successful approaches to transforming the business model in the context of various crisis periods, in particular during the financial crisis of 2008-2009 and the crisis caused by the 2020 pandemic. World Crisis 2008 began with the US mortgage crisis and the collapse of financial institutions. Financial institutions faced liquidity problems, an outflow of depositors' funds and an increase in loan defaults. The 2020 crisis, triggered by the COVID-19 pandemic, began with a crisis in health systems, and showed how resilient different national systems are and have the ability to quickly respond to what is happening. At the same time, the industries reacted to the crisis in different ways, for example, food retail, unlike other industries, did not suffer during the period of quarantine measures and after the relaxation of restrictions. Rapid adaptation of companies to new conditions, the ability to take responsibility for society and employees, integrate their business into more global systems, provide support and share difficulties, and not only ensure their own survival, in the author's opinion, is the most successful business transformation strategy along with the need to manage stability.