Your Quick Guide to Crisis Management
Crisis management is defined as strategic steps taken in response to an emergency or difficult situation. From a business perspective,these planned actions are important to avert a negative circumstance’s threats to the operations and its consequences to the bottom line. Crisis management is designed to prevent the serious aftermaths of a crisis to the business,its image,and its stakeholders. The Process Crisis management involves different tasks that have to be carried out before,during,and after a crisis. It encompasses strategic planning,managing,and capping potential damages from unfortunate situations. The process involves anticipating potential problems,creating ways to control and limit negative effects,and executing these strategies when such crisis arises. Crises may happen to any business,regardless of its size and age. What makes these situations hard-hitting is they come with some element of surprise,thus the need to become prepared. Quick decision-making is highly important in these scenarios,but when a plan is already set in place,it is way easier to tackle a crisis. Crisis management agencies in Hong Kong point out how the process overlaps with risk management. Both practices touch on what could go wrong and how to quickly respond to it. But if you look at it more closely,risk management’s primary focus is how […]