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Strategic Crisis Management in Enhancing Business Continuity and Stability - Research Paper Example

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This research study will investigate the interrelation between business stability, continuity, and strategic crisis management. This research study may determine how crisis management can enhance strength as well as the permanence of a business…
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Strategic Crisis Management in Enhancing Business Continuity and Stability
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Download file to see previous pages This research will begin with the statement that organizations in different sectors encounter the risk of disruptive events. The effects vary from simple or minor inconvenience that briefly disrupts the usual activities to the closure of the business. This problem necessitates crisis management. Crisis management is an enterprise’s pre-established strategies and activities that are intended for planning, responding as well as rectifying significant disastrous incidents or events An organization’s success is greatly associated with its formulation of crisis management programs which incorporate risk management, disaster recovery, communication and emergency response programs. The organization should develop the competence to respond flexibly and promptly as soon as crisis occurs. Crisis management may include rehearsal and teamwork in the attempt to establish the most appropriate response to unforeseen, detrimental occurrences. If an enterprise is adequately equipped for the most detrimental circumstances, then it is capable of handling other scenarios as well. Businesses can be better equipped to solve sudden events that may possibly result in stern or severe damage, jeopardizing their stability as well as continuity. In respect to business continuity, crisis management will facilitate recognition of potential issues which threaten an enterprise, and provide strategy for establishing resilience as well as the capacity for an efficient reaction. Crisis management facilitates business stability by eliminating or reducing losses associated with unforeseen, negative incidents. Managers encompass a strategic duty and a role to ensure their businesses or organizations are conscious of all aspects of business crises as well as planning in advance so as to minimize their effects. Thesis Statement In respect to business stability, several aspects that are likely to weaken the operations of an organization are emphasized. The essential and fundamental strategy that various businesses implement to respond to business crisis in an attempt to enhance their stability will be considered. Contributions of crisis management in ensuring continued existence of businesses will also be studied. Speight defined business continuity as the procedure that indicates potential factors that intimidate an enterprise and offers a stratagem for creating flexibility as well as the aptitude for responding to business-related risks effectively. During a business crisis, a response should essentially safeguard stakeholders’ interests, and organization’s brand, reputation, long-term survival as well as value-creating actions. In the article, Speight provided a detailed perspective of crises, emergencies as well as disaster mitigation in an enterprise. The chief business disaster is considered to be an incident that extremely affects business operations with the highest chance of terminating its entire activities. An organization should formulate and adopt several procedures or strategies that it may be used to respond to disasters. Modern techniques used in business continuity management, include business continuity and risk assessment plan which ensures that businesses are resilient as well as prepared to offset risks. These techniques are significant in crisis management since they not only facilitate the assessment of risks but also assist in formulation of risk management plans. The issue of business continuity is identified to be of critical concern which has continuously being researched and enhanced over time. Business continuity aspects are upheld by safety standards or legislation. ...Download file to see next pagesRead More
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