While organizations often have contingency plans for specific events or occurrences, such as fires and loss of files, they are generally ill-prepared to deal with major crises that impact their business as a whole and arrive unexpectedly. Such crises may have external causes – such as the Coronavirus pandemic and the 2008 financial crisis – or originate from within – such as malpractice or financial duress.
When the crisis hits, and a rapid response is required, organizations, and particularly leadership, must be in a position to react in a mindful way and devise solutions as they go. There will not be pre-determined responses given the uncertainties in these situations.
Edge consultants, who have hands-on experience of handling crises around the world, can assist clients to address the following aspects, amongst others:
- Organizational: leadership responsibilities, organization of crisis management team, delegated authority and promoting collaboration
- People & communications: support mechanisms for people and communication plan to inform and maintain confidence during crisis
- Financial: short-term financial priorities and building financial resilience through protecting cash flows, managing costs and aligning financial goals to business outlook
- Operational: adapting infrastructure and business processes to be able to compete in the new market reality and/or to solve internal problems that contributed to the crisis
- Strategic: pondered and data driven rethinking of business priorities and approach
- Commercial: focusing on how to serve clients through the crisis/reinforce relationships, tailoring business development to areas of opportunity and evaluating impacts on pricing
- Risk and reputation management: evaluation of risks, mitigating potential damage and implementing protective mechanisms
- Development of a Business Continuity Plan
We evaluate alternative solutions, consult on revision of business processes, provide advice on best practices and partner with clients in implementation, including the training of professionals.