Keywords: case studies, contingency planning, customer behaviour, financial sustainability, strategic planning, strategic thinking, strategic management, economic disasters, innovative management, recessions, depressions
Financial sustainability through contingency planning: multi-case study
As the discipline of strategic management grows from the lessons to be learned from the current financial crisis, it is important to take strategic perspectives at how industries, represented by specific companies, could be affected by such economic disasters, both in terms of internal and external stakeholders. As companies establish strategies for financially sustainability, this article looks at three major companies representing this respective industries with successful and disastrous results. Outlined are strategies and concepts that can be helpful for managers and executives to navigate in today's chaotic marketplace, citing that innovative management is necessary for businesses to survive long-term recessions and depressions and to prove the framework for long-term financial sustainability. The basic lessons to be learned are for firms not to panic due to corporate fear and greed; stay the course and recommit to their core values and competencies; and selectively cut costs.