New approaches to the solving of economic crisis in business management

Abstract

The paper presents the results of the research focused on crisis management, which is based on the process of change management by the author-formulated methodology of the creation, implementation and changes of business strategies and requirements for their improvement due to the incidence of a turbulent management environment and other essential factors. The main factors of crisis and methods of their analysis are formulated. Thereinafter, the strategies of solving crisis situations are formulated. The company Bioveta, Inc. is analysed in detail. The research has proved that companies with modern management need a well-made and working system of crisis management due to their complexity and risks.

Keywords

• crisis management
• algorithm
• company life cycle
• crisis matrix