![]() ![]() This site is published for residents of the United States only. Pleasant Wealth, LLC is not affiliated with Kestra IS or Kestra AS. Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS. ![]() Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/ SIPC. Taking crisis planning steps now could reduce the chance or severity of a crisis by exposing your vulnerabilities.We are licensed to sell insurance in the following states: Ellis Miller: FL, IA, IN, KY, NC, OH, VA | John Mullett: IN, MD, OH, PA, SC | Clinton Miller: OH | Elizabeth Hand: OH However, a crisis doesn’t wait for a more convenient time. This may all sound theoretical and not something you want to take on during the busy spring season. And, once you’ve handled the crisis, set aside time with your team to evaluate what you did wrong and did right. Once your plan is underway, set up practice sessions to see where you might need to refine procedures or add others to the response team. They will most likely become a critical ally to resolution. And, the importance of cooperating with law enforcement goes unsaid. ![]() Genuine concern for your employees, for instance, can demonstrate that you are being truthful and working to resolve the situation. That doesn’t mean you should avoid showing emotion. Prompt and honest communication - without sharing confidential or proprietary information or letting emotions take over - can go a long way toward helping others feel reassured. If police or fire officials become involved, let them provide additional comments about the situation. Provide facts as you know them and give later updates as information becomes available. If you don’t, harmful rumors could start. Provide information as soon as possible to your key stakeholders. Myers shares these additional communication guidelines: You’ll also want to name who will take the lead for communicating with the media, if that becomes necessary. For instance, you’ll want to establish a “command center,” processes for assessing the situation and plans for communicating with stakeholders. The team should then work together to develop protocols, Myers says. Those scenarios will help you select who should be part of your crisis response team, which will likely include you as the owner or manager, and depending on the type of crisis, sales, parts and service managers, human resources manager and your finance lead. Next, name your key stakeholders, which should at least include your employees, financial partners, manufacturers and local and trade media. For instance, they could include employee actions, equipment liability issues, natural disasters, financial mismanagement and more. The first step in developing a plan is to anticipate the kinds of crises you might experience, Myers says. Myers says that by developing a crisis plan, you have a better chance of making it through the event - and maybe even making your company stronger for it. How a dealership reacts and responds can have a negative or positive impact on its reputation. ![]() Waiting for the crisis to just “die down” is not an option. ![]()
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