Forward Looking

Sukanlaya Sawang
Additional contact information
Sukanlaya Sawang: Coventry University

Chapter 4 in Entrepreneurial Crisis Management, 2023, pp 59-71 from Springer

Abstract: Abstract Crisis management is a critical part of any business. How well a company responds to and manages a crisis can mean the difference between business survival and going under. Small businesses find themselves at a disadvantage when it comes to crisis management. They lack the resources of larger businesses and often do not have the same level of experience in dealing with crisis situations. Small businesses are also typically heavily reliant on continuous customer spending and cash flows. A sudden drop in consumer confidence can have a devastating effect on sales and revenue. Finally, small businesses often lack the formal structure and processes of larger organizations, making them more difficult to manage during a crisis. These characteristics can make it difficult for small businesses to respond effectively to a crisis, leading to potential financial losses and damage to their reputation. The best way to be prepared for a crisis is by understanding the importance of managing them properly. Small businesses will have higher chances at survival during tough times when they can leverage their knowledge and expertise in this field, which could help turn even an arduous situation into one that is manageable with some planning ahead. There are many factors to consider when it comes to crisis management, from having a plan in place to knowing how to communicate with stakeholders. In this chapter, some of the key elements of effective crisis management will be illustrated, and some tips on how small businesses can improve their approach will be offered.

Keywords: Managing crisis; Crisis-preparedness; Stakeholder communication (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-25188-7_4

Ordering information: This item can be ordered from
http://www.springer.com/9783031251887

DOI: 10.1007/978-3-031-25188-7_4

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().