Managing A Business Crisis
What Is a Business Crisis?
A business crisis occurs when a problem puts the stability of a company or organization at risk, threatening or could threaten to harm people or property, seriously interrupt business operations and/or damage business reputation. This can originate internally or be brought on by external influences.
The danger exists that should the crisis affecting the organisation be left unaddressed or escalate to the point where it's out of the company's control, this issue may permanently damage the business or cause it to fail.
Successful crisis response and management is key to ensuring organisational sustainability, relevance and survival.
Examples of Business Crisis
- Financial Crisis: a financial crisis occurs due to a slowdown in business as a result as a direct result of the lock-down.
- Competition Crisis: increased competitor actions, activity and intentions is impacting the ability to win new customers.
- Relevance Crisis: existing customers are leaving because the business model is outdated.
- Personnel Crisis: staff / teams are not producing the desired expected output and performance, creating gaps in revenue and operational performance.
- Operational Crisis: there is a breakdown in systems and processes creating backlogs, delays and raising the costs of doing business.
The above examples are just a fraction of what could actually occur in the organisation. The bottom line is that you exposed and the real question to ask is: how much is that exposure and what could the likely impact be?
The Power Of A Vulnerability Audit
Depending on the situation, a vulnerability audit will help identify current and potential areas of business operational weakness and system flaws that could lead to, or exacerbate, crises, as well as:
- Detect, quantify and prevent crises before they can cause significant damage.
- Correct operational weaknesses.
- Dramatically enhance response time.
- Reduce the end cost of crisis situations.
Are You Facing A Business Crisis?
Don't wait until it's too late!
If you are facing a situation that is threatening or could threaten to harm people or property, seriously interrupt business operations and/or damage business reputation, then we can assist you.
We deliver flexible crisis response and management solutions helping you navigate through crisis situations making you stronger, fitter, better.