In the heat of corporate crisis
Mind over matter
Companies often need to react quickly in the face of unexpected challenges—whether industrial accidents, financial misdeeds, cyberattacks, or any number of disasters. Individual responses, particularly at the Board / C-Suite level, are crucial through all stages of a crisis.
Our latest paper, produced by the Deloitte University in the United States, looks at common pitfalls and successful crisis management practices with examples and case studies, illustrating that with essential tools, organisations can lay the groundwork for effective crisis management strategies.
Companies often need to react quickly in the face of unexpected challenges—whether industrial accidents, financial misdeeds, cyberattacks, or any number of disasters. Individual responses, particularly at the Board / C-Suite level, are crucial through all stages of a crisis. This begins with the Chairman or CEO being “ready” through having the right mind-set and an ordered thought process centred around: who do I need to be involved; what do I need to do; and when do I need to do it. Being ready leads to a better ability to respond effectively which, in turn, enhances the prospects of being able to recover quickly and well and so be ready for the next event.
When it comes to crisis management there is no substitute for good preparation and training. There is no negative in this. Being ready makes companies more resilient to crisis events, able to respond better, and recover faster with less lasting damage. This is beneficial for customers, shareholders and employees alike.
Problem? What Problem?
For most, a major crisis is a once-in-a-career event. As a consequence, it’s easy to fall back on routine procedures, only worsening the outcome, or to improvise the wrong solutions in fear and panic instead of following effective practices.
Relying on brand strength alone to weather a crisis is not always the correct course of action. Senior management need to recognise changing trends that indicate the onset of something more serious. If realised too late, a snowball effect of litigation and media pressure may have taken its toll.