The global economic impact from COVID-19 is unprecedented, and unfortunately, just beginning. We don’t yet know an endpoint from which we can plan. But we do know from previous shocks to America’s economy – from the Great Depression, through 9-11 and the Great Recession – and other major debacles there are five stages to surviving a major ongoing crisis.
Your organization has probably already covered the first one. But how is it positioned, or positioning, to handle the next four?
Five Stages of Ongoing-Crises Management
- Reaction and triage: quickly understanding what just happened, what it means for your organization and acting accordingly to reduce losses and steady operations—and readying to repeat this process as the crisis evolves;
- Rapid consultation with your best minds (including outsiders) to properly reorganize operations in response to the crisis and set things up so they can be reorganized again if/as needed. This requires focusing on two priorities: financial survival and opportunities to pivot/grow as a result of the changing marketplace (keep growth alive!);
- Decisive leadership, major one-time changes and quick deployment of resources to enable everyone in your organization to do their jobs well;
- Continual measurement, intelligence reports and feedback to adjust operations based on what’s working and what isn’t—and then figuring out how to fix what isn’t or replace it; and
- As the crisis ebbs, adjustments to product/services development, delivery, sales, operations and finances to the new normal, while keeping in place a proactive crisis plan (including lessons learned this time around) for when it’s needed next.
All the above requires real-time communication strategy woven into everything that’s going on, along with the experience of knowing how and when best to share information with constituents. I specialize in this line of work, and whether it’s with me or someone else, I encourage you to connect with one of us to ensure your crisis communication is at the level it needs to be right now.
I also have the pleasure of working with the Platinum Group, which has four decades of experience helping businesses through major crises like the ones most businesses are facing today. No other firm in Minnesota has Platinum Group’s depth of expertise and proven track record of helping companies through tough crises.
From shoring up the books, finding capital a business needs to stay afloat and managing creditor workouts, to providing expert guidance in legal, tax, finance, HR, operations, communication and family business dynamics, Platinum Group has helped more than 2,000 businesses, mostly in Minnesota and many of which you would know by name. And its motto, “Meaningful Capitalism” reflects its emphasis on ethics and values.
We’re here to help. Even if it’s just to run something by us for a second opinion no-charge, let us know how we can be of assistance. I can be reached at 763-567-9241, and Platinum Group’s main line is 952-829-5700.
— Dale Kurschner