Corporate Reputation
By Donna Vandiver, President & CEO
At TVG we do a lot of crisis communications work, so we are constantly assessing the damage a crisis can do to a client’s reputation and image. Any company can have a bad year or two, or a drop in their stock price, or the need to change their business strategy. But, when you suffer damage to your reputation, it’s very difficult to recover. Why?
If you’ve ever lost trust in a product or a person, you know one thing. Once that trust is lost, it’s very difficult to get it back. Sometimes, it’s impossible.
TVG’s philosophy is to have a plan for not “if,” but “when” a crisis occurs. We advise our clients to prepare and have handy a good crisis communications plan, so that in the event of a crisis, they are able to respond quickly. Part of being able to respond quickly means you’ve actually thought about the possibility that a crisis could occur, and you’ve planned for what you would do in the event it happens. We suggest that a drill to review the messages be conducted with your staff once the crisis plan is in place. There are obvious audiences to reach—customers, investors, communities where you operate, the media and, perhaps most importantly, your own employees. Do these audiences fully understand what happened? Were you prepared and timely in your response? Can your employees explain to others what happened? Are you credible? Have you been truthful?
If you’re not prepared, it is important to get prepared. Make sure you’ve looked at your risk factors and that you’re prepared to handle an event when it happens.
If your crisis communications plan hasn’t been reviewed in a year, or you don’t have one, then contact a professional strategic communications/PR organization immediately who can help you put your plan in place. This plan will help you respond, and you’ll sleep better knowing you are prepared. History is full of companies and organizations that no longer exist. Don’t be one of them.