[PAPER by Strategic] Crisis: too early or too late ?

When there is a crisis, many directors find the price to pay too high, especially when the organisation is in a perfectly calm situation. The question of price however is secondary compared to that of time.

Training key personnel, organising stress tests, putting into place procedures or setting up the war room, all represent a cost for the enterprise if the enterprise has never experienced a crisis.

On the other hand if a company is not prepared the damage caused by the crisis is aggravated by poor decisions. These mistakes often cost more than the crisis itself.

The first recommendation is simple. It is never too late to call on specialists, except for the fact that if you wait a month to do it, the options risk being restricted.

The second recommendation is logical: Know your risks Exactly in the same way as for a financial advisor or a lawyer, you assess the risks linked with a contract and you put into place measures to limit their effects. How much do you pay in legal fees each year ? And the financial accountants ? Lawyers and financial advisors are experts in terms of risk, but not in terms of crises.

Our third recommendation is productive. Carry out a diagnosis of the capacity of your enterprise to react to a crisis, and according to your sector, implement a stress test.

Depending on the results you will be able to assess seriously the worth of good crisis communication. And it will never be too late.