| Many blame certain companies for insufficient | | | | more the role for the media to get in some |
| crisis management. But is that reasonable? How | | | | sensation. The basic premise: get out the bad |
| many of us have experienced crises like these | | | | news, before others will. |
| and would they have done better. I remember | | | | Another mistake is informing clients by setting up |
| the words of an ex-CEO; we are facing a | | | | websites, when the market is screaming for |
| complete meltdown of the financial system. | | | | action. The main problem with this is that timing |
| Clients and readers are not served by these | | | | makes the action worthless (it comes too late), |
| statements. Yet if management saw these | | | | but the main question is: does information ease |
| problems shouldn't they have consulted other | | | | emotion? |
| institutions? That is either not without risk; a | | | | When the first problem of information |
| rumor easily enters the market. Then do not | | | | management is not done properly, the problem |
| underestimate the role of hedge funds, they | | | | escalates to a next level of emotion. At such a |
| target "preys" and have strong funds... Although, | | | | stage, responding with information is like quenching |
| not any more it seems. | | | | a fire with wind. It doesn't help any more. This is |
| A basic mistake of all times seems to be too | | | | a lesson Edward de Bono taught management |
| much optimism when doing an acquisition. But | | | | trainees with his thinking hats. Red versus White - |
| information management and communication is | | | | Very basic. |
| also an area. | | | | Yet some humility can't be left out here. Again, |
| Some manager must have worked very hard. | | | | who has dealt with these situations before? |
| Like engineers solving the financial problems in | | | | Probably not many. In such moment you are on |
| their company. But does the CEO tell people | | | | your own, you cannot call another company / |
| about it? Financial engineering requires more and | | | | external advisor and ask, "tell me, how did you |
| more communication about what is going on. | | | | solve your problem when your product was |
| Getting bad news out soon (Time-to-market) and | | | | thought to be infected with a virus." Todays' |
| not letting people make up their own story | | | | events and their solutions can only be used as |
| ("something must be really bad"). Communicating a | | | | tomorrows' jurisprudence. |
| "possible meltdown" doesn't serve clients. That is | | | | H.J.B. |