How Should Leaders Respond to Unforeseen Expenses?
Immediate Assessment: Quickly evaluate the nature and extent of the expense. Determine if it’s a one-time cost or if it indicates a recurring issue.
Prioritize Spending: Reassess current expenditures and prioritize essential over non-essential spending to manage cash flow effectively.
Transparent Communication: Keep stakeholders informed about the situation and the steps being taken to address it. Transparency fosters trust and support.