A crisis is bound to happen at some point or another during the lifetime of a company. It is almost unavoidable but just like in life, the important thing is to know how to manage these crises. Even though each crisis is unique and will require specific actions to deal with it, here are some do’s and don’ts of crisis management.
Do’s
- Get all the management teams together to figure out a response
- Hear all the perspectives available
- Take care of your reputation, it has value
- Get all the facts before taking action
- Monitor responses after you have taken actions and determine if you need to take more
- Monitor your company’s financial ratings after the crisis is over
Don’ts
- Don’t ignore the situation. Always monitor it no matter what
- Don’t overlook the speed of social media, word travels very fast
- Don’t make excuses for bad choices
- Don’t underestimate the interconnection of all systems
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