When the financial stakes are high, it becomes imperative to have not only a Plan B but also a Plan C and better still have a proper business crisis management in place. Every origination worldwide depends on a survival strategy to overcome financial disasters. Most business emergencies either fall in the category of financial breakdown or human resource break up. In the last few decades large sector organizations have adopted various business crisis management models that have helped in escaping critical situations. The on going recession has made it necessary for many businesses globally to turn to crisis management. One of the fundamental key to tide over business emergencies is to have loyalty programs if many departments are involved. If they have been with you in good times, stick to them in bad times. Tie heals all wounds and crisis.
Besides that many types of crisis management models are already in practice that can prove successful. An intelligent team recognizes the flaws and approaching disaster-like ripples in employees (read wish to give mass resignations) who hate the new manager, sudden demise of the head of organization (where here is no deputy), general financial meltdown in the market, trade union problems, strikes etc.
Ideally large corporate sectors do have their leaders who handle business crisis management by keeping tabs on the general working within the organization. But sometimes calamities do occur and services and expertise are required to tone down the emergency.
In such events a practical team will:
1. Have a contingency plan to thwart the elements leading to crisis.
2. Keep leadership informed about the way the problem is being handled.
3. Have communication media teams if the responsibility involves the public and government.
4. Any exploitation should be culled so that rumors do not spread.
5. All employees, staff and members to be informed of the problem areas.
For the entire successful rooting of an emergency all leaders should be accountable at the end and reward those who have been instrumental in diffusing the crisis. Appreciation to team makes the team work more successful even for the future.