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What To Do If It All Goes Wrong

In: Competitive Knowledge Management

Author

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  • Nicholas Bahra

Abstract

It is all about confidence. If investors know that you are struggling, if the world tells your investors that you are struggling, if your customers and your suppliers know that you are struggling, then you are in trouble. Trouble cannot be ignored in business unless you plan to retire giving no thought and regard for any responsibility to the employees you leave behind. When the needs of one of the stakeholders are not being met and either consciously or unconsciously they pull the plug, is when an organization will fail. (Wilson, 2000, personal communication) Crisis management is a style that can be learned through training and practice. MBA graduates at leading business schools are taught the art of how to deal with the media, investors, employees and customers. Traditionally, crisis management training has focused on human tragedies, for example rail disasters, food contamination problems and airline hijacks. During the past couple of decades, the media has expanded its coverage of business and local radio and television networks have grown in number. This means that if you are in business today, you cannot ignore the media and its impact on your business in terms of customer, investor, supplier and personnel relationships.

Suggested Citation

  • Nicholas Bahra, 2001. "What To Do If It All Goes Wrong," Palgrave Macmillan Books, in: Competitive Knowledge Management, chapter 11, pages 165-175, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-55461-0_12
    DOI: 10.1057/9780230554610_12
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