Why Crisis Management is Critical for Success and Stability
There are many types of risk and potential crises facing businesses. These can come from internal issues like the loss of valued colleagues or leadership staff, or external, economic ones like supply disruptions and bankruptcy, and they can come without warning. This is why crisis management is critical for success and stability of your organization.
Our services are specifically designed to help identify your potential risks, and tailor crisis management strategies unique to your business, to protect you when they strike.
The pandemic has cast a spotlight on just how unprepared many businesses are in the face of a disaster.
- 74% of companies have called in external help when facing a crisis. · 95% of Businesses say they need help with their crisis plans.
- Only 45% of people in charge of crisis management have a written plan.
The 2007 financial crisis and the 2020 pandemic have both shown how difficult it is it for businesses to recover when acting reactively. The outcome for so many businesses may have been different if effective preventative and management planning had been a key part of their strategies from day one.
Through our custom virtual and in person crisis management services we can take you through a variety of steps to help mitigate risk and future proof your finances.
Avoidance is a common issue in business. If it doesn’t affect us right now, we tend to put off worrying about it. One of the best ways to get started in planning for an emergency is to organize a plan of authority. It’s not feasible to plan for every possible event, but it is strategic to determine and distribute a clear chain of command in the event of a calamity.
Knowing who will do what, and who can pick up the slack should one key colleague be unable, is the first step on the way to effective crisis management. Why not engage us to help deepen and strength your team and put in place the right succession plans for you.
The biggest issue in a crisis is not reacting to it fast enough, the second is not having the right kind of response prepared to deal with it. Creating strategies with a focus on sustained communication before, during and after a setback is pivotal to weathering it with as little long-term damage as possible.
We can assist you in the development of communication strategies, that will help you project unity and stability to internal and external stakeholders. Unexpected situations may arise at any time. How well you are able to keep the message consistent in times of uncertainty, will define your company’s future.
Effective Operational Strategies
“Failing to plan is planning for failure.”
No business wants to face multiple crises, so developing the depth of experience necessary to handle them skillfully can present a challenge. There is no harm in engaging external support and services such as those provided by Part time CFO to help you prepare.
Our support comes in different forms, from the creation of cash flow plans to help you adjust, and more accurately direct your funds, to finding any relevant support or government assistance packages that may be available to see you through a time of crisis.
We can also work with our industry connections to tap you into a network of other potential lenders to keep you in the black.
Crisis planning and risk mitigation, shouldn’t feel like pointless strategizing. It should be developed with a mind to protecting the business and the people it employs and serves.
It is understandable though with so many variables and other more pressing business concerns, that only 62% of businesses have an up to date plan, and of those, more than half consider them out of date. This is why crisis management is critical for success and stability of your organization.
A fresh set of eyes on your business will help you identify and manage crises in ways that haven’t been previously considered or thoroughly explored. We can help you build meaningful relationships with external partners and vendors, while also opening lines to multiple sources of finance, to give you as many options as possible.
There is no harm in engaging an external specialist, to help you create a more effective plan, in the face of an uncertain future. Allowing you to refocus on the core elements of your business.
At Part Time CFO Services, we recognize the value of your time and are fully equipped with the expertise necessary to ensure that your business is managing your risks efficiently. We are a team of highly skilled and experienced CPAs, and Financial and Data Analysts. We work with you to assess, analyze, evaluate, and treat risks threatening your business. Let us help you with your risk management needs so you can direct your energy to developing and growing your business. Contact Us