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caryl grecia
In general terms, the theory of crisis management can be divided into crisis bargaining and negotiation, crisis decision making, and crisis dynamics.
In business there are three main types of crisis:
Financial crisis - short term liquidity or cash flow problems; and long term bankruptcy problems
Public relations crisis - negative publicity that could adversely affect the success of the company
Strategic crisis - changes in the business environment that call the viability of the company into question - for example the introduction of the automobile was a strategic crisis for buggy-whip manufacturers
Certain preliminary measures need to be taken to prevent a crisis. Companies should always plan ahead and project likely outcomes. They should avoid decisions that have the potential to turn into a crisis. They should know their "worst case scenarios" and have a contingency plan for it.
If prevention has not been successful, then the following six steps should be undertaken immediately:
Do an objective assessment of the cause(s) of the crisis.
Determine whether the cause(s) will have a long term effect or whether it will be a short term phenomena.
Project the most likely course of events.
Focus all the most capable people (including your self) on activities that will mitigate or eliminate the problem.
Look for opportunities - there could be a "silver lining"
Immediately act to guard cash flow.
If it is a public relations crisis, act immediately to prevent or counter the spread of the negative information. Containment may require intensive media activities. Use every media available to you to provide a counter argument or question the credibility of the original negative publicity.
Article Source :
http://www.bestmanagementarticles.com
http://crisis-management.bestmanagementarticles.com
About the Author :
This article was contributed by Caryl B. Grecia, an affiliate of www.bestmanagementarticles.com. The site features great e-books and softwares in business and management.
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