It’s important to have a well thought out and rehearsed plan of action in place in order to properly and efficiently manage a crisis situation. It is common place for a crisis to occur without warning. First and foremost, familiarize yourself with the different types of crisis that may happen within or to your company. Every business is based on different fundamentals and is characterized by numerous factors, as is crisis. Crisis can be clustered into groups. Here are some suggestions you should consider, familiarize and plan for in case of a crisis.
* Management misconduct crisis: Management engages in the misrepresentation or concealment of its products/services or practices dishonest customer relations.
* Deception crisis: Deliberate deeds of misconduct.
* Misconstrued management value crisis: Management focuses on short term financial gain and aggressively favors investors over all other stockholders.
* Confrontation: A group confronts your business to win approval of their demands.
* Malevolence: Criminal or intense measures are taken against your business to destabilize or destroy it.
* Technological crisis: A direct result of a technological breakdown usually as a result of human manipulation.
* Natural disaster: Earthquakes, tornadoes, volcanic eruptions, hurricanes, floods, droughts, landslides or tsunamis.
* Sudden Crisis: Occurs without warning and is beyond the control of the business.
* Smoldering Crisis: A minor issue that turns into a crisis due to mismanagement and negligence.
In order for crisis identification to be effectual, a course of action must also be put into place. Identify employees that are equipped to handle such situations.
Guide Your Turnaround Strategy with Honesty and Integrity
In the competitive world of business, not all companies are liable to regenerate after having been through a crisis. This is especially sobering in the wake of today’s financial hardships. This statement alone offers an explanation as to why it is immensely important to be open and honest with employees and other beneficiaries of the company during a crisis situation. There is no room for grey areas and utilizing this piece of advice will leave employees, clients and suppliers with a sense that your business was ethical and honest no matter the outcome of the crisis.
Successfully Implement a Turnaround Strategy with These Tips
Learn From the Best
Throughout history there have been several widely publicized crisis affecting large businesses that had established themselves as household names. Due to the implementation of strong crisis management the following companies worked through and overcame their crisis.
A crisis can be managed and the outcome successful if the proper steps are taken and implemented as soon as possible at the formation of a crisis.
Is your plan in place?
If you have any questions, contact us today Otis & Tina Bishop!
BPS – helping companies worldwide in their pursuit of success.
Sincerely, Otis & Tina Bishop
Bishop Placement Services
150 Uptown Square suite D Murfreesboro, TN 37129
http://www.bishopplacement.com ~ otis@bishopplacement.com ~ 615-367-6177