An Introduction of Crisis Management

In modern business, reputation is everything. As the saying goes, when wealth is lost something is lost, when health is lost a lot is lost but when reputation is lost, everything is lost. Thus, reputation is very fragile and it only takes one small mistake to cause great and irreparable damage to a company’s image.

Every organization experiences crisis and it is an inevitable part of modern business. A crisis is defined as a significant threat to business operations which can have negative consequences. Crisis are of two types, natural and man made. How does one handles or manages a crisis situation is very important, as it is a make or break point in the annals of a company. 

Crisis management is a very important organizational function. It is the process by which an organization deals with a major unpredictable event that threatens to harm the organization, its stakeholders, or the general public.