Abstract: The aim of the article is to present key features of the business model as a mental construction and to summarise successful practices of universities around the world that have implemented innovative management solutions to overcome crises. Osterwalder and Pigneur’s concept of business model and its applicability to higher education are considered. Variants of business models of different universities are analysed and crisis management approaches are synthesised in a summary model, with special attention paid to practices during the Covid-19 Global Crisis. The peculiarities of the analysis of the strategic risk after external threats are considered. Special emphasis is put on reviewing of business models in the context of new constraints and disturbed balance of revenues and expenditures. Timely reassessment of the business model can be a transition from a reactive to a proactive strategy and protect the organisation, at least in part, from the effects of future crises.
Abstract: Business crisis management is extremely important. Underestimating its importance may result in significant losses for owners, or even put an end to the operation of an enterprise. Hence, the unequivocal conclusion that the continuous evolution of knowledge regarding business crisis management is a major prerequisite and a factor encouraging more successful and more sustainable business development. It is a necessary condition for the survival and stabilization of enterprises, therefore enterprises need to design adequate accounting policies, i.e. a defensive accounting policy, within the context of legally regulated conditions regarding the organisation and methodology of accounting reporting for enterprises. Each enterprise undergoing a crisis or depression should define the contents of the separate elements of its defensive accounting policy so that the accounting tools employed, and the practical actions implemented, render this policy an efficient means for managing the economic activity of the enterprise. The aim of this paper is to outline the specific features of business crisis management and its impact on the accounting policy of enterprises.