If you are in a management position or are the CEO of a company then you know that you have to be prepared for any event that may happen. Crisis management is one of the duties that go along with your corporate job. Are you good under pressure? Are you ready to manage a crisis? How strong is your bench? This article will discuss ways to control the risks involved with crisis management and strengthening your bench.
If you want to be sure that your company is able to withstand a crisis then you must see if your bench is strong enough. Amazingly there is a lack of executive talent out there and there is even less being seen for the future. Many CEO’s are worried that their corporation does not have the talent to see them into the next twenty plus years. Many baby boomers are reaching the retirement age and the new hires just do not seem to be up for the challenge. In fact, 11,500 people will turn 65 each day starting January 2011. How are you handling the lost of experience?
If a company is to succeed in this global world where crisis seems to be the norm rather than the exception, all factions must work together instead of independently. There needs to be a team for executive education and performance management.
When a company is not running at full capacity and this may come from civil unrest, acts of terrorism, a natural disaster or just plain mismanagement from the leaders, the costs quickly add up.
If a company is not able to operate fully, their stock prices may plummet and the firm could find themselves on the brink of bankruptcy. That is why it is up to you to try and mitigate these circumstances if they occur, and to be proactive as to avoid it all together.
The key to any successful campaign strategy that is going to succeed is through advanced planning. Worst case scenarios such as a key employee being lost should be thought through and the way to remedy the situation should be discussed. Crises are not often planned for and it is sometimes difficult to convince your other team leaders that this is important and may occur. One must always prepare, prepare, prepare.
The first order of business is to already have a crisis management team in place. These team members should all have different skills that they bring to the table. They must be able to effectively work together under pressure. There must be a team leader that all of the other members respect. Look at your roster of employees in key positions and see who you feel would be a good fit.
Next, carry out a SWOT analysis. What are the company’s and the team’s strengths? What are their weaknesses that must be worked out before a true crisis hits the company? Do you see opportunities in the future? Sometimes it is a good idea to have an outside expert audit your business. They often are able to see clearly what someone standing in the trenches cannot.
You then will want to identify any possible threats. Could your company handle a potential hostile takeover bid? Is your IT server running at full capacity?
Finally, what can you do to minimize the risks to your company? Can you get better firewalls and a back-up system? Are there safety protocols in effect when employees travel with sensitive information or to high risk countries?
In closing, if you want your company to succeed into the 21st century and beyond you must be willing to recruit and train new leaders. These leaders must be willing to work together. There must be team leaders that stand out and are willing to lead the others in times of crisis and in times of peace.
~ Written by Gary Sorrell, Sorrell Associates, LLC. Copyright protected worldwide.
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