In these ever-uncertain coronavirus times, businesses around the world are finding themselves ill-equipped to face the consequences. Big, medium or small, all businesses need a well-thought our crisis management plan in place.
If you are certain about whether your business needs a crisis management plan ask yourself these questions. In the event of a crisis can you handle questions from media, your employees and other stakeholders? Do you know how to protect your company’s reputation? And how will you take action to right the situation? If you can’t seriously answer any of these questions, then there is no question, you need a crisis management plan.
Having a crisis management plan in place can help protect your bottom line. In fact an Oxford Executive Research Centre discovered that the publicly traded companies who were able to implement their crisis management plans reduced the preliminary negative capital impact (of crisis) by a massive 60 percent. Not only that, a crisis management plan can help businesses allay potential legal exposure in the case of a crisis.
If your business has an effective crisis management plan in place, it is easier to take actions to stop the crisis becoming even worse. This can reduced the amount of damage that the disaster might cause within your business.
Having a crisis management plan, can also give you peace of mind. Having a plan in place gives you, your staff and stakeholders with the security it needs to stay functioning properly during a crisis, so you will stay organized, calm, and efficient.
Having a crisis management plan isn’t only about creating a plan so you will be better prepared to effectively respond to specific incidents. Creating a crisis management plan is also imperative in helping to recognize potential threats before they arise.
A catastrophe can strike any business anytime, anywhere. Having a crisis management plan in place is the key to survival. If you need help, contact the team at MediaPA here: wwe.mediapa.co.nz