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Title: Financial aspects of maintaining business activities in the face of unexpected changes
Authors: Kovalenko, Dmytro
Petrychuk, Svitlana
Kushniruk, Viktor
Banyeva, Iryna
Meish, Alla
Keywords: financial planning
business planning
enterprise crisis
risk governance
risk management
Issue Date: 7-Feb-2023
Citation: Financial aspects of maintaining business activities in the face of unexpected changes / D. Kovalenko, S. Petrychuk, V. Kushniruk, I. Banyeva, A. Meish // Economic Affairs (New Delhi). – February 2023. – Volume 68, Issue 1s. – P. 17-26.
Source: Economic Affairs (New Delhi)
Abstract: In the context of the war, the external environment is characterized by a growing level of uncertainty. Rising energy prices, the closure of airspace in Ukraine, rising inflation, a 30% decline in GDP in 2022, and the destruction of infrastructure as well as supply chains have necessitated adjustments to the company’s operations and changes to its financial plan. The research aims to assess the financial aspects of doing business in the face of unexpected changes. The research methodology is based on the case study of a company that supplies energy resources to Ukraine. The main research methods used are in-depth interviews with the staff to assess the existing strategy, employee motivation system, efficiency of the organizational structure, and financial aspects of the company’s activities. The results demonstrate that an important stage in the development of a financial plan in wartime is the audit of business activities. It includes an understanding of the current state of the organizational, financial, and human aspects of the company’s functioning. An in-depth interview with the company’s personnel shows the level of effectiveness of the interaction of all these aspects of the business. Changes in the financial system involve organizational changes: company structure, motivation system, customer interaction, and service improvement. The study shows that the interaction of organizational, financial, and motivational components contributed to the synergy of the company’s resources and their mobilization in the face of the growing risks of a company’s crisis. Financial planning by business segments and precision in the distribution of employees’ responsibilities increases the level of motivation and involvement of staff in all business processes. Moreover, the distribution of centers and areas of responsibility should be linked to the incentives and motives of employees.
DOI: 10.46852/0424-2513.1s.2023.3
Faculty: Факультет управління та бізнес-дизайну
Department: Кафедра фінансів та бізнес-консалтингу
ISSN: 0424-2513 (Print)
0976-4666 (Online)
Appears in Collections:Наукові публікації (статті)
Кафедра фінансів та бізнес-консалтингу (ФБК)

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