Be Prepared for Seismic Activity

At home, our family has a plan for when the big one comes.  The emergency earthquake backpack is filled with the necessities:  We have extra water, our First Aid kit is complete and there is a hidden stash of cash.  We are debating whether to buy a small utility generator.
 
The very definition of a crisis means that it is not planned.  But that does not mean that we should not have a plan to guide us in the event of a crisis.
 
>A recent article in The New York Times devoted a lot of ink to reviewing how companies deal with a crisis, and used three timely examples to represent how NOT to handle things.  In the story, Goldman Sachs, Toyota and BP were all slayed for their missteps and PR luminaries espoused their opinions and advice.  While the merits of each approach could be debated for some time, my general takeaway is this:  Have a crisis plan in place.
 
Create the plan now.  Don’t wait.  Make it thorough and review it every six months for any necessary updates.  It’s not as daunting as it might seem, and it is one of the best investments a company can make.  Every company has employees, customers and shareholders that expect quick, decisive, informed and coordinated leadership in a crisis.  A ready-made plan provides a sound blueprint for action.
 
Let us know how we can help.  In the meantime, I’m off to Home Depot for that generator.  You just never know.

 

— PondelWilkison, investor@pondel.com