Don't underestimate your response to a crisis
Featured article in IndustryWeek
Every company exists in a state of pre-crisis. Although the specifics of when or what may not be known, it seems increasingly likely that something will occur in the lifespan of a company that will be deemed a crisis. And all of the organization’s stakeholders: customers, employees, shareholders, neighbors, community members, etc. expect that the company will respond quickly, accurately, transparently, and empathetically, with a commitment to ensuring that particular crisis never occurs again.
These expectations require that every organization prepare for a crisis with a flexible and adaptable crisis plan. A lack of planning can lead to an inappropriate or ineffective response that could impact a company’s reputation and standing, its valuation, and the potential for litigation down the road. In our research, we have evidence of numerous cases that were made more challenging for the defendant due to an off-the-cuff comment by a company spokesperson or an assumption of responsibility before all the facts were known. These seemingly small missteps can cost the company dearly in brand value and litigation damages.