Your Worst Nightmare About Global Business Situation Come to Life
Global Business Situation
The concept of a worst-case scenario is familiar to anyone who’s ever read a disaster novel. It describes an event that’s far worse than anything expected before it happened. Global warming and nuclear war both fall under the heading of worst-case scenarios. Many businesses prepare for global warming by stockpiling supplies, and governments prepare for war by stockpiling weapons. Both strategies ensure that companies can function under extreme situations. However, these plans may not be enough to keep businesses functioning during a disaster or during a prolonged period of conflict.
Global Business Conflict Situation
The scenarios that global business must plan for include natural disasters, terrorist acts and economic downturns and financial instability. Each of these events prevents businesses from operating normally but can be avoided with proper preparation. For example, hurricane season starts in the US in September and ends in November. Companies in coastal areas should stock high-value merchandise to increase their chances of staying open during a hurricane’s disruption of power and transportation facilities. They should also stock food so that their employees don’t get too hungry while they’re trying to stay open. For extra protection, companies in coastal areas may want to contact insurance providers to find out if insurance covers damage caused by hurricane winds. If not, they may want to consider relocating their business or shutting down during hurricane season.
While businesses plan for worst-case scenarios, they must also decide how to respond when such events occur. For example, should businesses help customers who can’t afford to buy from them? Should businesses help employees who can’t afford to work for them? Should they ignore customers who call them racist or fascist? Or should they refuse service to anyone except paying customers? While these decisions may seem obvious, many businesses have failed when it comes herding their employees towards more profitable demographics. Instead of forcing employees towards more profitable demographics, a business should protect workers no matter who is buying from them.
Life in the post-earthquake zone is going to be tough- but not as tough as life in a world where global business fails to plan for worst-case scenarios. As the old adage goes, “preparation is the key to survival.” Businesses that plan ahead are less likely to run into trouble when something goes wrong. Ultimately, ensuring business stability depends on ensuring equity and fairness within the business structure itself and beyond.