A business crisis is a series of events that disrupt business, resulting in extreme difficulty.
Crisis forces decision-makers to take action quickly in a situation where planning is not possible.
Types of crisis
Here are a few common crises that have the potential to impact your company:
Natural disasters: Hurricanes, earthquakes, tornadoes, floods and others.
An outbreak of disease or infection: Viruses and other things that pose health concerns. Like what is currently ongoing with the coronavirus.
IT system failure and cybercrime: Attacks by hackers, system outages and computer viruses etc
Loss or illness of essential staff: The death of significant staff members or serious illness resulting in incapacitation.
Ethical misconduct: Something occurs within your company that requires some legal action or other reprimands due to ethical misconduct.
Fire: Accidental or as a result of arson.
Vandalism or theft: Products or equipment are stolen or destroyed.
How a crisis impacts your business.
According to a 2017 Global survey, 70% of business leaders have experienced a crisis in the last three years.
PwC stated that the greatest impacts that a crisis had on businesses were business relationships, reputation, employee morale, economic loss and legal issues.
Other impacts a crisis may have in your business
Loss in productivity
Uncertain Compliance Obligations
Prospective clients postponing commitments
Low consumer spending
Location or office closures
Lay-offs and terminations
6 business needs you should never ignore during a crisis:
Marketing efforts: You can change your marketing initiatives but don’t stop.
Sales initiatives: Your sales needs to be humanized and adaptable to customer needs.
Budget and revenue management: Keeping a strategic budget is key during a crisis.
Customer experience: You must continue to offer the best customer service experience to your clients.
Retaining talent: Display care for your employees and reduce turnover
Database management: Make sure your data is being updated, backed up and stored well.
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