“The most fierce enemies in crisis — human laziness and habits,” Vitalii Melnyk, Vice President of Innovation Parks Development UDP
The main thing for the real estate business now is responsibility and transparency in relations with partners and employees. Companies need to be flexible, transform habitual processes and master crisis management, said Vitalii Melnyk, Vice President of Innovation Parks Development UDP.
The top manager provides some practical recommendations for doing business in crisis time:
- Don’t panic. Approach the problem with a cold mind.
- Track the situation in the world. This will allow you to think strategically and use the experience of colleagues in the market in other countries.
- Give priority to risk management. Think about what costs can be optimized. The most important thing right now is properly allocated financial resources.
- Aim for the maximum resource for partnerships. The crisis will end anyway, and it is important now to take care of the long-term relationships that will come in handy after the economic storm.
- Get rid of unnecessary bureaucratic obstacles in your company. Simplify the procedures and make sure that the reaction is prompt and decisions are made quickly.
Read more about how to continue to build in times of crisis, in the column for NV of Vitalii Melnyk, Vice President of Innovation Parks Development UDP.