If a business does lose its license, immediate action is required. Leaders should:
1. Assess the Situation: Understand the reasons behind the loss and the immediate impacts on the business. 2. Communicate Transparently: Inform stakeholders, including employees, customers, and investors, about the situation and the steps being taken to resolve it. 3. Develop a Recovery Plan: Work on regaining the license by addressing the issues that led to its revocation. This might involve legal consultations, compliance training, and operational changes. 4. Implement Damage Control: Implement strategies to mitigate the financial and reputational damage caused by the loss of the license.