Question

Write a formal report on " Business and crisis management"

Answer 1

A business crisis is an incident that has the potential to endanger the viability and wellbeing of a organization by weakening its integrity, disrupting its corporate operations, adversely affecting its finances or harming its employees.A company crisis can be triggered either internally or externally. Due to the nature of the business crisis , it is important to be prepared to tackle one of these incidents with a strategy that you (and your team) build before one actually occurs.

The first aspect of crisis management is the avoidance of future crises. It includes developing a crisis management strategy, recruiting and preparing the crisis management team, and performing realistic exercises to execute the strategy. One part of this process is drawing up any crisis management communications that you will have to send in times of crisis pre-writing these communications saves time when an emergency situation actually happens. If a crisis passes or subsides, the crisis management job is hardly over. It is imperative that you stay in touch with your staff, clients and stakeholders and be willing to answer any questions you may have. It is also best practice to submit constructive feedback to these groups.

If your company faces a crisis of any sort and is not equipped with a crisis management strategy outlining how you cope with the situation, you are likely to suffer severe and long-lasting consequences. Such implications may be linked to a number of legal, organizational and public relations issues. Depending on the severity of the damage, a crisis situation could even put you out of business.

Ensuring that your company is prepared for any number of potential crises will help you to maintain a positive and professional image with your customers and rivals as well as your employees By designing a crisis management strategy, identifying the future stages of a crisis, and building a team of people to support you navigate any unexpected incident or tragedy, you can prevent your business from having long-lasting negative effects.