Saving companies: How Frederike Knop led CHRONEXT through the crisis
In today's business world, crises can come faster than many entrepreneurs expect. Those who do not react in time in turbulent times risk the downfall of their company. But what does it take to not only survive a crisis, but to emerge from it stronger? Frederike Knop, Managing Director of CHRONEXT, shares her experiences from a challenging restructuring in our podcast - and shows what is important when a company is on the brink of collapse.
Crisis as a turning point - leadership in difficult times
Insolvency is a word that many entrepreneurs fear. But for Frederike Knop, it was not the end, but the beginning of a radical new start. She took responsibility, made courageous decisions and faced reality instead of sitting out problems. Her approach: honesty, speed and a focus on the essentials. Instead of panicking, she relentlessly analyzed the causes of the crisis. High costs, overly complex processes and too much stock had put CHRONEXT in a difficult situation. But instead of burying her head in the sand, she looked for solutions that would make the company fit for the future.
Radical decisions, clear strategy
Instead of financing expensive stocks, CHRONEXT opted for a commission model in which watches are only purchased once a buyer has been found. This change not only reduced the amount of capital tied up, but also made the business much more flexible. Far-reaching adjustments were also made to logistics and customer service. Superfluous processes were eliminated, locations optimized and an even stronger focus on the digital business model was promoted. "We have consistently questioned everything that does not directly contribute to the core of our business," says Frederike Knop.
Leadership means taking responsibility
Difficult times show who can really lead. Frederike Knop made decisions that were not always easy - but she remained transparent and took responsibility. Her approach to the team is particularly impressive: she communicated openly, took the employees with her on her journey and ensured strong cohesion during the company's most difficult phase. Her advice to other managers: put your ego aside, seek advice from experts and don't delay decisions out of fear. If you react early enough, you have more options.
A new start with a clear vision
Today, CHRONEXT is back on track. With a new strategic direction, optimized processes and a clear focus on the customer, the company has proven that crises can also be an opportunity for growth. The brand remains intact, the team is highly motivated and the market for luxury watches continues to offer great potential.
Learning from the crisis - listen now!
This podcast episode provides valuable insights for entrepreneurs, managers and anyone who wants to know how to navigate a company through difficult times. How can you protect your business early on? What mistakes should you avoid? And what strategies will help when the pressure is on?
🚀 Listen to the podcast episode now and learn how to use crises as an opportunity!
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