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Crisis Management and Strategies for Dealing with Crisis

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Crisis Management and Strategies for Dealing with Crisis

QFinance,

5 min read
5 take-aways
Audio & text

What's inside?

Amid the day-to-day buzz of activity, managers often neglect to consider what would happen if a crisis hit their company. History shows that could be a very big mistake.

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Editorial Rating

8

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Recommendation

Benjamin Franklin said, “By failing to prepare, you are preparing to fail.” Channeling this mantra, communications consultant Jon White highlights the importance of crisis management, an crucial subject that business leaders rarely address adequately. Although White’s findings are not revolutionary, his brief article is chock-full of practical advice. getAbstract suggests this report to all corporate decision makers charged with preparing for unknown risks.

Summary

What distinguishes a corporate crisis from “disasters, emergencies and other exceptional situations”? A crisis is an “unexpected, unforeseen event” with numerous distinguishing characteristics: It endangers lives, property or the very existence of the organization; it requires swift action to stem the damage; and it places decision makers under immense stress to find solutions. The 2010 BP oil spill, which took 11 lives and caused severe environmental damage in the Gulf of Mexico, presented all the common elements of a crisis. The spill wiped out half the company’s public value, threatened BP’s existence, and cost the corporation billions ...

About the Author

Consultant Jon White specializes in applying psychological thinking to organizational communication.

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