A business thrown into crisis will consume management time and presents real risk to financial and reputational stability. In some circumstances, regulated businesses could also face the possibility of enforcement action.
The crisis could result from an internal or external event; however the fundamental approach to management of any crisis is the same, just adapted to suit the circumstances.
It is essential that a Crisis Management Plan is initiated and a primary consideration for any business is to ensure that a crisis team is appointed and is appropriately resourced and experienced.
Crisis can present learning opportunities and will ensure that the business emerging from the crisis is better managed, stronger and in a better position to move forward. For practical crisis management guidance see here Crisis Management May 2015