As businesses navigate through one of the biggest economic crises in the history of the world, there are many lessons being learned along the way.
The most impactful takeaway is the fact that many companies are simply not prepared for major emergencies. In fact, Deloitte’s 2016 survey found only 49 percent of board members say their companies have playbooks for likely crisis scenarios. What’s more, just 32 percent say their companies engage in simulations and training for crisis management.
Crises are unexpected by nature and can quickly change many aspects of the human experience. For example, the COVID-19 pandemic has upended several massive industries, including hospitality, travel, and event management, consequently causing downturns in the global economy.
These world events can cause a business crisis – events threatening the success and health of your company. The health of your company can be disrupted in many ways, including reputation issues, negative financial impacts, employee harm, and damages to operations.
To put it simply, you need a crisis management plan.
What Is a Crisis Management Plan?
The concept of crisis management refers to your process of preparing for and properly managing emergencies that directly impact your company’s stakeholders, employees, revenue, and customers.
Crisis management plans are a vital element of your public relations, as they help you manage your reputation with your customers and your target…