Crisis Management

Synopsis

In face of uncertainty and disruption, use our Crisis Management deck to undertake the current challenges of your business, develop recovery strategies and create a better safety net for the foreseeable future.

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Slide highlights

With this slide, introduce the possible macro effects of the crisis on your business. Based on the economic crisis of 2008, these may include fewer business opportunities, need for layoffs or even closure and commercial lending decrease.

To better plan your human resources in a time of crisis, pay special attention to the departments with paused hiring and pay reduction. Use this slide to introduce them to your audience and go over some measures to support these departments.

Use this slide to introduce Scenario Planning and its implementation. To come up with one: define scope, issues and time horizon, list all key drivers, gather and analyze data and develop different scenarios for crisis management.

Overview

A crisis in business is an event that can potentially put a venture's success and health at risk by affecting operations, finance, staff or company's reputation. It can be caused by internal or external factors and because business crises are common and can be quite acute, it is crucial to have a plan for crisis management.

Questions and answers

What are the long-term effects of a crisis on a business?

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The long-term effects of a crisis on a business can be significant and varied. They can include financial loss due to disruption in operations, damage to the company's reputation, loss of customers and market share, and decreased employee morale and productivity. In some cases, a crisis can lead to the failure of the business. However, if managed effectively, a crisis can also present opportunities for a business to improve its operations, strengthen its reputation, and become more resilient.

How can a business prevent a crisis from escalating?

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A business can prevent a crisis from escalating by having a well-prepared crisis management plan. This plan should include strategies for identifying potential crises, procedures for responding to them, and systems for monitoring and adjusting the response as the situation evolves. It's also important to have a strong communication strategy to keep all stakeholders informed and to manage the company's reputation effectively.

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Application

Here are the primary steps in the crisis management process, according to Hubspot:

Pre-crisis

The first part of crisis management is crisis-prevention, the experts say. This means having a solid crisis management plan, hiring and training your crisis management team and conducting practice exercises for plan implementation. This part also requires creating any crisis communication drafts you may have to use in times of crisis. Having these messages ready ahead of time will save you some nerve cells in an emergency situation.

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Crisis management

Crisis management is the process of dealing with and responding to the different phases of the crisis. In a nutshell, this is the process of putting your crisis management plan to action. This phase includes releasing initial crisis management messages, contacting employees and stakeholders and prioritizing public and company safety.

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Post crisis

It's crucial to stay in contact with your employees, clients and stakeholders and remain available to answer their questions and send regular updates post-crisis. "Work with your crisis management team to review and analyze your crisis management plan and how it played out during a real emergency situation. How did your crisis communications perform? Did your audiences have any lingering questions or concerns that you neglected to answer? Integrate any lessons you learn into your crisis management process for future planning," Hubspot experts recommend.

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Case study

Southwest Airlines

When in 2016, Southwest Airlines was severely affected by an unexpected tech failure, the company demonstrated phenomenal crisis-management abilities. At that time, the Southwest Airlines website was down for over 12 hours, which led to the cancellation of thousands of flights.

The airline employed social media as a tool to respond to customers' complaints promptly and genuinely. Southwest offered apologies for the inconvenience, took responsibility for it and issued regular updates as the crisis unrolled. The company also smartly utilized videos and photos on Facebook and Twitter to provide more accurate evidence of handling the situation and to better engage with the customers.

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