Who’s in charge of crisis management? Corporations should be transparent, maintain trust with stakeholders to get out of crisis


Written by Phil on February 17, 2010 in Crisis Management and Crisis Communication.

The current Toyota crisis offers a disturbing insight into the fragility of any corporation’s brand, business and reputation.Within a matter of weeks, an iconic international company went from being one of the world’s favorite automotive manufacturers to seeing sales volume drop by 16 percent and its share price plummet by 15 percent, translating to a reduction of almost $25 billion in market capitalization.

Given today’s real-time, multi-stakeholder, digitally connected world, smart corporations should consider crisis management as much a part of modern business as marketing, finance or human resources. Even corporations who invest heavily in enterprise risk management are often blind sided by real-life events.

By pushing boundaries and promoting inventive, lateral thinking, companies can create powerful teams that are prepared for any situation. Ultimately, thinking creatively is thinking practically, which is vital to effective crisis management.

See Who’s in charge of crisis management? Corporations should be transparent, maintain trust with stakeholders to get out of crisis by Charles Lankester, from the Korea Herald.

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Be sure to read Critical Communications: An Operations Guide for Business, by Sam Mullen – for valuable tips, techniques and insights. Special offer: only $19.00! (limited availability).

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