Bud Light, Target, The Dodgers, and Corporate Best Practices
I kept thinking about the basic principles of corporate crisis management and contingency planning that I outlined in yesterday's post for the rest of the day, and I came to some non-obvious conclusions. Let's start with the first principle that was in my link , but which I didn't quote yesterday: Develop a crisis plan. Brainstorm potential crisis scenarios and use them to inform and regularly update your plan. . . . Simply having a plan is not enough when it comes to crisis management; you have to practice it. Everyone who would play a role should a crisis arise needs to know what the plan is and exactly what their role is. Actually, any public corporation with a board of directors is required to show such a plan to its auditors, and show the auditors that it tests it. Banks, utilities, and other companies that are separately regulated need to account for this with their regulatory bodies as well. At least when I was writing such plans, they focused mainly on...