Crisis Management

When you are faced with a crisis, you must act immediately with the right strategy to respond to the crisis. This strong leadership is needed in order to let your own employees know you are in control, as well as to let your customers know you are responding. This helps you control the narrative both internally and externally.  The first time you talk about a crisis response should not be during the crisis.  While there will always be Black Swans, we can help you prepare plans that can be adapted to any situation.

You will find, especially if you are a younger smaller company, CEOs and CFOs don’t want to invest in what ifs, they want every penny to have ROI immediately. Which is great, until something goes wrong and you are caught without a crisis management plan. 

Preparing for a crisis can cost a fraction of what a crisis can cost your company. The cost to be prepared (plan building, testing, maintenance, etc) can run from $30k to $500k depending on the size, geography, and needs of your company. A crisis? Can run millions of dollars mitigation or even destroy your business completely. 

The road to success is littered with the husks of CEOs who were caught unprepared and lost their jobs and reputations because they thought they could just handle a crisis if it came up. 

This isn’t to say your company wouldn’t survive a crisis, but according to The Economist, it could be work 30% less in comparison to your peers after the crisis is over. If your company makes it through it. In the 8 most notable crisis since 2010, the Economist found the value loss to be around $300 billion. 

In the crisis response world there is an event we call a Black Swan. A Black Swan is an event that is beyond what is normally expected of a situation. Black swans are generally seen as having extreme rarity, severe impact, and the widespread insistence they were obvious in hindsight. They have the potential to be extreme or severe- often leading to a massive loss of one type or another. No matter how prepared you think you are, without a crisis plan you are unlikely to fare well in a black swan event.