1. Allocate budget to crisis management
More than 4 in 10 (41%) of Canadian respondents who came out in a better place post-crisis allocated budget to crisis management before the crisis hit—and a nearly identical share (39%) actually saw their revenue grow after a crisis as a result. This underscores the benefits of investing proactively in having a clear crisis response program and governance structure.
2. Have a plan—and test it
When a crisis hits, there’s no substitute for “muscle memory”. By a margin of nearly two-to-one (54% versus 30%), organizations that had a crisis response plan in place fared better post-crisis than those who did not. And those that keep their crisis plan up to date and implement the lessons learned are four times more likely to come out on top. But make it holistic and flexible. Test it and revise it—then test it again.
3. Adopt a fact-based approach—and don’t neglect key stakeholders
Three-quarters of those in a better place post-crisis strongly recognize the importance of gathering accurate facts during the crisis. As you focus on your fact-finding and communications strategy, cast a wide net on the perspectives of every important stakeholder, both internal and external. Carefully consider their wide diversity of needs and interests, as well as the appropriate mechanisms for two-way communication for each stakeholder.
4. Perform a root-cause analysis and follow up
Those who ended up in a better place performed a root-cause analysis of their crisis handling. That substantial action takes the form of:
identifying and following through on key remediation initiatives to prevent or reduce the impact of the same type of crisis
looking around the corner by scanning the longer-term horizon for key risks and opportunities related to the crisis
5. Act as a team, and hold to your values
There is a strong correlation between great teamwork and great outcomes. A large majority of global companies who self-identify as being in a better place indicate that they responded to the crisis as a team, with similar majorities agreeing they had acted with integrity.