Enterprise Anti-Crisis Strategy

In the paper economic foundations and the stages of development of anti-crisis management strategy were described. And scientifically proven that anti-crisis strategy is an important element of the corporate financial management.


Figure 1. Organization of anti-crisis financial management in corporate governance
This formulation of the anti-crisis financial management system plays a crucial role in elaborating and implementing sound management decisions in order to achieve the objectives of the enterprise in the context of various external factors.Creating a basis for activities that need to be addressed at each stage of the Anti-crisis Financial Management Task at all stages of its implementation will be instrumental in preventing the bankruptcy of the enterprise.
One of the main criteria for effective anti-crisis management in the enterprise is to form strategic anti-crisis objectives.In the above picture, we have considered the mission, goals and objectives of the anti-crisis financial management, the overall objective of the business impacts and their impact on the operations of the enterprise.According to the opinion of Russian economists, led by S. Kovan, the sequence of determining the factors considered in the process of forming strategic anti-crisis goals can be expressed as follows (Figure 2).
According to the picture, the enterprise will first learn the factors that cause the crisis and the negative consequences.The extent to which these factors influence the occurrence of the crisis is assessed and selected for analysis.Factors that do not seriously affect the emergence of the crisis are studied within the scope of the functions of the general management entities, while the rest are deeply analyzed.In the absence of the ability to control some of these factors, these factors will also be delayed for further study in the next stages of the functions of management entities, while others will be considered in future development of the anti-crisis strategy.It also analyzes whether the selected factors can be governed by the financial, legal, or social capabilities of an enterprise.For example, the impact of an enterprise on the factors causing a crisis is related to financial issues but, if it is not possible to attract financial resources as a result of high creditors' debts, tax burden, and other mandatory payments to the budget, this may indicate that it can not eliminate this factor at the enterprise level .

Figure 2. The procedure for determining the factors to be taken into account when formulating
strategic anti-crisis objectives. 1 In our opinion, the importance and necessity of anti-crisis financial management in enterprises should be established not only during the crisis, but also at all stages of the economic cycle of the enterprise from the very beginning of the enterprise.Enterprises can overcome various economic cycle stages throughout their operations.Of course, each cycle of development involves business management, financial planning, the need for financial resources, production volumes, and so forth.Based on the characteristics of the economic development cycle of corporate financial managers, therefore, the anti-crisis financial management should formulate the strategy.Businesses can take stages of stable, unstable (pre-crisis or post-crisis) or crisis situations throughout their business.The share of anti-crisis financial management in the overall management system can either expand or decrease, depending on the stage of its development (Figure 3).

Figure 3. The share of anti-crisis management in various phases of the corporate economic cycle 1
The main objective of the anti-crisis management in the sustainable economic cycle of the enterprise is to prepare for and prepare for preventive measures that may arise.An anti-crisis monitoring was organized during this period, and the main purpose of this is to determine the negative impact of the crisis on time and prepare for the mitigation of its consequences.In this process, the share of anti-crisis management in the total control system is relatively small.Assessment of the enterprise as unstable, indicates that the anti-crisis management has passed to the regulatory phase.During this period, measures are taken to prevent the deepening and development of the crisis and to strengthen the situation.Additionally, managing directors' decisions, which require high level of expertise and experience from managers of the given period, can lead to the development of the enterprise from moderate to moderate development or crisis.In this period, the share of anti-crisis management in the overall corporate governance system is equal to the proportion.One of the main functions of the anti-crisis financial management in the crisis is to study the factors leading to the crisis in order to ensure the continuity of the company's operations, minimize negative consequences and costs, and to further develop the enterprise, and take concrete measures to eliminate them on the basis of analysis.
Based on the above picture, we can distinguish between the entity's stable management system and the crisis management system (Table 1).
The issues that need to be addressed within the framework of the Anti-crisis financial management are diverse and can be classified according to the following characteristics: 1. Stages of development of the crisis:  predicting the crisis situation;  elimination of the crisis;  ensuring the operation of the enterprise in crisis conditions;  ensuring that the crisis is extinguished;