CEOs - Get prepared for an internal or external crisis.
For those of you that are not aware of what constitutes a ‘crisis’ in the business.
Think of it this way, internally, it can include anything from fraud, a big customer going bust, a major supplier that stops supplying, health and safety issues, union strikes, cyber-attacks, data leaks, product service issues and many more, there are also external crises that are not within your span of control, which you should also be prepared for.
Crisis Preparedness is everything
All these potential crisis issues can be mapped and measured, segmented and categorised for anticipated damage assessments to be made against the business and its brand.
The level of preparedness says a lot about the people in charge of running the business, it demonstrates that stringent rules for business continuity are in place, to the satisfaction of all stakeholders, including the board and investors.
How you manage your communication within 24 hours of any event is vital, so preparation for any given event is essential.
Damage Limitation
It is a proven fact that companies that are unprepared for a crisis, suffer a more significant financial loss and brand equity damage when compared to companies that were diligently prepared.
CEOs should note that the more badly managed a crisis is, the more it costs to repair. The worse it is managed, the higher the reputational damage to the business and to the CEO personally.
Knowing what we know, and the experiences that we have encountered in this area, we cannot stress highly enough the importance of a crisis management plan.
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Lighthouse PR, based in Bucharest, is a valued member of the prestigious Crisis Communication Network Europe. It is the only member in Romania and SEE, with network offices in 14 countries across the EU.
