A business crisis is an event that has the potential to threaten the success and health of a company by tarnishing its reputation, damaging its business operations, negatively impacting its finances, or harming its employees. It can be caused by something internally or externally.
Due to the severity of a business crisis, it’s important to be prepared to manage one of these events with a plan your organization creates prior to one actually occurring.
COVID-19 Business Crises
In recent days, it’s become commonplace to call COVID-19 an “unprecedented crisis." It is virtually presenting all organizations with unforeseen challenges. Today’s leaders are faced with a unique challenge – the balance between staying calm in the face of a pandemic and mounting a response befitting to the level of threat the company is facing. Crisis management is a critical organizational function. Failure can result in serious harm to stakeholders, losses for an organization, or end its very existence.
In response to COVID-19, companies are developing their contingency plans quickly. Some companies are adapting existing plans to handle this outbreak, while others are starting from scratch. Any crisis is characterized by two traits – unpredictability and uncertainty. It is the mark of a true leader to not dwell on yesterday's developments, but to look ahead and plan for a more secure tomorrow.
Leadership During a Crisis
A pandemic does not warrant a predetermined emergency response. Leaders need to recognize the threat and the potential crisis it can cause. It demands the adoption of a flexible mindset based on authentic information and the assessment of the situation the company or team is currently in.
According to the Brainsfeed Report on Speed Reading, knowledge is the currency in today's uncertain times. Critical decisions that we make in business are based on knowledge and/or experience. Finding ways to build this knowledge more quickly and efficiently will give us the best chance to succeed as leaders. Check out our article to learn how to read faster and improve your rate of learning new knowledge.
The Crisis Management Toolkit
Reading and learning to our maximum potential allows us to become better entrepreneurs. The goal is to make more informed decisions in times of crisis. Staying informed and up to date can help us make fewer mistakes in business, make more good decisions faster, and increase the likelihood that we will have the right approach when it comes to dealing with a crisis. With this in mind, we have created this Crisis Management Toolkit, especially for you. With almost 130 resources, this list will help you to:
🏆 Explore crisis management lessons & tips
⚽ Focus on leadership & communication during crisis
🌟 Grow from the expertise of companies that have thrived in recessions & economic downturns
📚 Learn all about crisis management from our list of books
📹 Find great tips from our list of videos
We hope this helps many businesses trying to navigate the storm in the times of corona. Fill out the form below to download:
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