8. Communicate

Evaluate the likely impact of the downturn on your stakeholders and try to understand their positions and needs. A person’s perception of a situation is often more important than the situation itself, so it is crucial that you regularly and openly communicate with them. Stakeholders are primarily:

• owners
• employees
• customers
• authorities
• creditors
• suppliers
• media
• lawyers
  

Loyalty of your key customers and employees can be substantially affected by the way you communicate with them. Inaccurate, incomplete or untimely information can have a major impact on their position and may jeopardise your viability. Particularly in times when finances are tight and their loyalty cannot be rewarded that way, the key to your success is good communication, quick feedback and an open approach.

How can we assist you?

We will help you identify key groups and ensure good communication with them. An independent third-party view will provide your communications with added trustworthiness.