Scott Cairns is the managing director at Creation Business Consultants, a structuring and advisory services firm based in the UAE
An unexpected crisis can be a huge blow, especially if you haven’t planned for adverse market conditions. It’s natural to go into survival mode, doing what you can to stay afloat, but then it becomes about existing rather than thriving. Webster’s Dictionary defines existence as living “at an inferior level or under adverse circumstances”, and the problem with an existence stance is that once conditions improve, you’re unlikely to be in a position to capitalise on the growth.
What’s more, you run the risk of diminishing your cash supplies until the only options available are being bought out by a more powerful entity or being forced to close. Instead, the aim of surviving a crisis should be to emerge stronger and more resilient.