A GEOLOGIST vs A CRISIS MANAGER

A GEOLOGIST vs A CRISIS MANAGER

Look what happened to BP's CEO after the Gulf of

Mexico oil crises in April 2010. The chap was a geologist and he is

not a crisis manager by all standards. When the crisis knocks on

your door. Be open and give a news conference and tell the

analysts that the company is in trouble and we have X number of

16options to deal with it. If option A fails go back and tell them that

we have failed and we are pursuing option number 2. Failing

that, a workout consultant can be hired. Workout consultants

are less expensive than bankruptcy lawyers and typically

operate more rapidly. The crisis manager must buy time and

trust. Why should creditors trust him or her? Because in

bankruptcy, the creditors will receive less money and will have to

wait longer to get paid. Legal fees will eat into payments to

creditors.

Extracted from a book titled: RECESSION BUSINESS STRATEGIES by Prof John C. Mbuya

Available from the following bookshops:

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#CRISIS #TURNAROUND #DOWNTURN