A bit like weather forecasters, economists don’t always get it right and the dark clouds can gather with little forewarning ; we can’t always rely on the traditional signals as the recent collapse of the SVB bank and Credit Suisse banks illustrate.
Yes, some observers claim they saw them coming, but not many.
The Signals are Different
In 2023 we don’t necessarily see the long queues forming outside the banks or building societies like they did in 2007 – a la Northern Rock? Nowadays it’s just a click of a mouse or an app and you can transfer the funds elsewhere straight away, as investors did with SVB.
Of course, once you’ve transferred your money the New Law states that you must go on twitter and tell everyone what you’ve done and watch as the panic unfolds and, if things get out of control, ‘contagion’, as the financial journalists and economists call it, kicks in.
A brand can suffer damage whatever your size – it’s not a problem confined to the big banks and the multi-nationals.
Whether you’re an SME or a charity, a local authority or an NGO the time to review your crisis management and crisis communications plans is before you get a whiff that things might not be as rosy as they seemed a few weeks ago.
Maybe give yourself and your team time a bit more time to think about your risk assessment register, how you’d manage a real crisis and how you’d protect your reputation in the event of negative publicity on social media, rather than just leave it to the end of the board meeting, as usual.
It’s worth discussing with your senior leadership team how you and your colleagues would deal with a direct hit to your brand reputation and what you’d actually DO to restore confidence, tackle the really difficult issues and maybe even tackle the media to stop the rot.
If then, you’re happy with your current plans, marvellous.
If you’re less sure, call Martin and me.
Our workshops will put you through your paces with crisis management exercises designed to test your resources, find the stress points and ultimately bring out the best in your team so you’re as prepared as you can be for what lies ahead.
As the American football coach Tom Landry said, ‘confidence comes from knowing what you’re doing’.
Who we are
I’m a media relations specialist with over 25 years’ experience in journalism as a reporter, producer and senior BBC editor.
I left the BBC in 2015 and set up Mick Ord Media Consultancy – providing media training for the public and private sector with an emphasis on Crisis Communications.
Martin Cleworth’s a former Cheshire Police crisis negotiator who’s developed Crisis Management sessions that take the key learning/skills and apply them to wider workplace environments.
The thing about a crisis is:
- You don’t necessarily realise you’re in one at the start.
- You need to take charge as soon as possible.
- If you haven’t rehearsed your crisis management and crisis communication plans for a while, you’re already on the back foot.
If they are up to scratch (and you’ve tested them recently) then at least you can spend a few minutes enjoying the blue skies, secure in the knowledge that if the clouds do gather you’re in a better position to weather the storm than you were yesterday.
Now, where’s my brolly?