STEP TWO: MITIGATING THE CRISIS

Step Two: Mitigating the Crisis

This step is the one which you buy time to effect a workout plan.

A crisis management team of five loyal and courageous

managers is put together, and they immediately meet with the

nervous people who are the gatekeepers at the flash points calm

their fears and win their support. These probably will include

employee groups (or union leaders), the company’s principal

lender key suppliers and important customers. The operative

phrases are “negotiable standstill agreements” with the

creditors to buy time and “damage control” to see that the

gatekeepers are properly communicated with, which is central to

the success or failure of negotiating the standstill agreement.

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

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