Anti-crisis management of enterprises as precondition of sustainable entrepreneurship

Abstract

The paper examines the principles, stages and measures of enterprise anti-crisis management. Various interpretations of the concept of anti-crisis management are presented. The author supports the systemic treatment of enterprise anti-crisis management, when anti-crisis management is viewed as a complex of measures ranging from diagnostics of the financial condition of enterprises and their crisis to the development and implementation of special measures to prevent the critical condition. The content and concept of anti-crisis management are compared and linked with the concept of enterprise restructuring and its interpretations. The author describes the stages of enterprise anti-crisis management which can be implemented in the event of detecting negative trends in the activities of enterprises or when an enterprise faces a critical situation or when deciding on the continuity of its activities. An important role is played by the assessment of the financial condition of enterprises which can be performed using the express or comprehensive bankruptcy threat diagnostics. Such diagnostics allows for determination of the gravity of an enterprise’s financial condition, that is, the stage of the crisis. The identified financial condition of the enterprise and its gravity determine the nature of the anti-crisis measures applicable to the enterprise. The implementation of an enterprise anti-crisis management plan must be accompanied by the control of the process.