Handling Company Crises

Crisis

Eight Tips to Calmly Handle Company Crises

Running a business has its own ups and downs. Sometimes, ideas fail and things go out of hand, leading to a crisis within the business. In this Forbes article, members of the Young Entrepreneur Council share eight tips to manage company crises calmly and competently.

  • Take a moment to sit and think, without distractions. It’s through clarity that you can make the best decisions and take the right actions.
  • Ask senior leaders to help address the crisis. Catch up with leaders, explain the current situation, and ask them to help you address the crisis.
  • Respond in a calculated manner instead of reacting. Responding requires you to take a moment, gather all relevant information, and make a plan to move forward.
  • Encourage employees to stick to their daily routines. This keeps a sense of normalcy and prevents placing unnecessary stress on employees.
  • Take ownership of successes and failures. Resist the urge to shift blame as this will only cause more problems and worsen the crisis.
  • Remember your company’s purpose and vision. Re-centre everything to your true north in order to stay calm and manage the crisis.
  • Quantify the issue to put it into perspective. Being able to quantify the issue as a one-dollar problem or a thousand-dollar problem, for instance, can help you approach the crisis from a composed viewpoint.
  • Create a plan of action with detailed steps. Proactively define priorities and then communicate the three or five most important steps. Having a plan will not only help address financial concerns and preserve operational continuity, but will also make your team feel secure.

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