Stop the Credit Crunch from Biting You

Look at the front of any newspaper over the past few weeks and you'd think that the next great depression was on the way.

Every business deals with a certain degree of risk or threat to its reputation during it's lifetime, so it's best to be prepared, especially in these turbulent financial times.

With the recent fall of major high street banks and financial institutions, it's more important now than ever before to have a crisis communications plan at the ready which can minimise, or even eliminate, damage to one of your company's most valuable assets - its reputation - in the unfortunate event that it runs into stormy waters.

1. What is the worst that can happen to your business and how can you guard against it? Work up plans and strategies ahead of time and test them with your colleagues to ensure suitability and accuracy.
2. Have someone ready and able to speak to the press should you be approached. Make sure that your chosen person is comfortable and happy to talk to the press and if necessary invest in some media training
3. Never try and bamboozle or deflect the press - they will only believe that there is more to the story than meets their eyes and they'll dig deeper. Maintaining good relations with the press is vital and being as honest as you possibly can be - essential.

Over and above crisis management planning, what else should you do? The market will be even more competitive in a downturn, so it really is essential to keep up momentum with an effective marketing and PR strategy. If you've got a positive story to tell, tell it and keep your business in the public eye so your customers don't go elsewhere. Spending doesn't stop completely in a downturn, people just become more careful. Keep driving the business forward and you'll ride out the storm.

Good PR and a sound crisis communications plan will also keep staff motivated and reassured that the company they work for is still doing okay.