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Рік заснування видання - 2014

CREATIVE APPROACHES TO BUSINESS PLANNING IN WARTIME CONDITIONS

24.09.2024 19:13

[1. Economic sciences]

Author: Danylo Romanov, Student of English-speaking Master program, State University of Trade and Economics



In the face of unexpected challenges brought on by war, enterprises must adopt innovative strategies for business planning and management. The turbulent environment created by conflict demands higher levels of strategic vision, continuous monitoring and rapid responsiveness to change.

Based on the data presented [3, p.14], the industrial sectors in Ukraine from July  2022 to January 2024 show an overall trend of recovery at varying rates, indicating gradual adaptation to wartime conditions. The food industry emerges as the most resilient performer with steady growth from 58% to 73%, followed by the light industry showing significant improvement from 43% to 61%. Moderate performance include the printing industry, which remained stable at 57% despite volatility, the machinery sector with slow but steady growth from 33%to 46%, and the chemical industry recovering from a significant drop to reach 43%. Struggling sectors encompass construction materials, experiencing significant fluctuation between 11% and 31% and metallurgy and metalworking, showing the slowest recovery and consistently low figure (26% to 24%).  

Ukrainian businesses have demonstrated remarkable resilience and adaptability. According to recent surveys, many companies have managed to maintain operations despite significant obstacles. Key adaptations include [1, p. 68-69]:

1. Enterprise must carefully consider their physical location. There are s scale from Western Ukraine (more favorable external conditions) to occupied territories, which significantly affects business operations and risk. That is why many businesses relocated to safer regions as a strategic move to continue operations away from active conflict zones [3, p.14-15]. 

2. Given the vulnerability of energy infrastructure during wartime, business should prioritize reducing dependence on external energy suppliers. Development alternative energy sources or maintaining backup power systems cam ensures operational continuity.

3. Companies engaged in foreign economic activity must be prepared to quickly adapt to changes in currency exchange rates, shifting political relationships and potential border blockades. Many firms are exploring new collaborations with other market participants to share resources, risks and solve common challenges [3, p. 15] [5, p. 61]. 

4. Understanding the altered competitive landscape is vital. Some competitors may exist the market, while others might pivot to war-related production. Identifying unique opportunities within this change environment is key.

5. Maintaining a positive moral and psychological climate is critical during wartime. Creative approaches to motivation support and retention of staff can significantly impact business performance.

6. Creative financial management approaches are necessary to maintain stability. This might include diversifying funding sources, renegotiating terms with creditors or seeking alternative sources of income. Often picoting to new products or services that are in demand during wartime. [3, p 15]

Additionally it have to been developed crisis-proofing operation: implementing robust anti-crisis measures and developing contingency plans for carious wartime scenarios [2, p. 129-130]. On the other hand, it could being realize in way of prioritizing the creation of financial reserves to quickly responding to unexpected situations such a potential loss of assets or resources. Creative business planning gave to involves leveraging available support mechanism. Either are engaging with government initiatives, such as preferential lending programs (like 5-7-9%) [4, p. 388] or incorporating potential international aid and investment opportunities into long-term milestones. Different companies have already seeks opportunities to collaborate with state bodies in implementing targeted programs. [5, p. 61] 

Moreover, depend of enterprises’ main activity could be necessary specific actions. For example, developing unique or adapted products for wartime conditions can provide a competitive edge. Therefore, business should assess how their offerings can meet new or changed market needs. As related topic, investing in technological upgrades that align with wartime needs. There should be an increased focus digitalization and automation to enhance operational efficiency and reduce dependence on physical presence.  

The war in Ukraine has necessitated unprecedented creativity in business planning [2, p. 129]. Ukrainian enterprises have shown remarkable adaptability, developing innovative approaches to maintain operations and plan for an uncertain future. By focusing on flexibility, finance resilience and strategic adaptations, these businesses are not just surviving but laying the groundwork for post-war recovery and growth. 

As the situation continues to evolve, the ability to creative adapt business plans will remain crucial for Ukrainian enterprises. The lessons learned and strategies developed during this challenging period may well inform resilient business practices globally, especially in volatile or crisis-prone environments. 

References:

1. Irene Yepifanova, Viacheslav Dzhedzhula, “FEATURES OF STRATEGIC MANAGEMENT OF ENTERPRISES IN CONDITIONS OF WAR”. Innovation and Sustainability (2023). URL: https://www.researchgate.net/publication/378675462_FEATURES_OF_STRATEGIC_ MANAGEMENT_ OF_ENTERPRISES_IN_CONDITIONS_OF_WAR

2. Oksana KOVALYK, Karyna SKLIAROVA, “Specificity of the process of planning business structures in the field of hospitality in war conditions”. Economics Finances Law 5/2024. URL: https://www.researchgate.net/publication/381300979_Specificity_of_the_process_of_planning_ business_structures_in_the_field_of_hospitality_in_war_conditions

3. Olha ZASLAVSKA, “Assessment of the financial and economic situation at Ukrainian enterprises during the war”. Economics Finances Law 5/2024. URL: https://www.researchgate.net/publication/381300614_Assessment_of_the_financial_and_ economic_situation_at_Ukrainian_enterprises_during_the_war

4. Добропас А.В. “Державні програми підтримки бізнесу у період війни”, Національний університет "Полтавська політехніка імені Юрія Кондратюка", 2023. URL: https://reposit.nupp.edu.ua/bitstream/PoltNTU/12638/1/75%20Т.2-388-390.pdf

5. О.В. Родіна, Т.В. Савченко, М.А. Довганьов, “ФОРМУВАННЯ МОДЕЛІ ДЕРЖАВНОГО РЕГУЛЮВАННЯ ПІДПРИЄМНИЦЬКОЇ ДІЯЛЬНОСТІ В УМОВАХ ВОЄННОГО СТАНУ”. Економічний вісник Дніпровського державного технічного університету 2024. URL: http://econvisnyk.dstu.dp.ua/article/view/306402


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Supervisor: Kateryna Kandahura, PhD in Public Administration Associate Professor, State University of Trade and Economics




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