It could be an outbreak of E. Coli that was overlooked on a single day in a single plant, it could be the indiscretion of a senior officer at your company, or it could be a junior staffer posting a Tweet to what she thought was her personal account that causes your first (or next) big crisis. These are the nightmare scenarios that keep corporate communications directors and CEOs awake at night.
It’s essential to develop a playbook for dealing with disasters. The Conference Board has penned a very helpful whitepaper called Handling a Corporate Crisis: The Ten Commandments of Crisis Management. Take the time to read it and share it with key leaders at your company, but the main crux of the article is: Be prepared.
Leaders should know the crisis management lawyers and PR people to call – and know where to reach them at 3 a.m. The unprepared lose valuable time trying to locate the right mix of PR and legal help when a crisis strikes. However you approach a crisis, only one thing is certain: It’s going to cost you a lot of money, no matter what the outcome.
Crisis management for companies
Your best insurance for a good outcome in any crisis is having a plan in place, and implementing it immediately. But not every company thinks about crisis in terms of cost. From the cost of managing the crisis at hand to the potential damage the crisis can have to your company, sales, and the long-term health of your brand, the price tag can add up significantly.
Insurance companies offer policies for crisis management, but often impose high deductibles. Your company may or may not qualify for crisis management insurance at all, depending on what kind of business you’re in, and your track record with previous issues.
You never know when you’re at risk for a crisis. Remember your Scout pledge and be prepared.
If we can help you look over your current strategy, please contact us.