This tool explains how to prepare for a business crisis that you hope will never happen. We can all think of examples of leaders who failed to react well when a business crisis hit. Think about Watergate. Think about Arthur Anderson and the Enron scandal. Think about Ford Motor Company’s failure to replace faulty tires on its Explorer SUVs. Nixon was forced to resign. Ford’s stock price plunged. Anderson went belly up. (7 pages)
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Business Crisis Management
At stake in crises like these is nothing less than the fate of your organization. Even a relatively small crisis can cost your organization dearly if handled poorly. So understand what’s at stake. Any event, no matter how small, can spin out of control and become a disaster.
Effective leaders know that they’ll have to deal with a crisis at some point. They also know that the worst crises are those you don’t see coming. Rather than pretend that it won’t happen to them, they employ specific practices to plan for – and manage – a crisis.
Your planning should include the following seven elements:
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