Transparency: stakeholders will want to be kept informed of what is happening. They will want to know that safety is the priority.
Communication: senior managers will need to communicate in an objective way, despite the temptation to give biased reports to different stakeholders because they are concerned with the image and reputation of the business.
Speed: senior managers will need to act promptly. This can be a challenge because rushed and not well-thought-out decisions will not always be the best ones.
Control: the situation should be put under control as soon as possible. This is directly concerned with limiting the damage for different stakeholders.
Advantages
- Cost: The public can be forgiving, particularly if the crisis is not preventable. Being dishonest will only make it worse, acting responsibly can reduce negative reactions and cut financial losses.
- Time: Planning does take time but if there is no plan, it will take a lot more time to think of one.
- Risks: Ensures that in the event of a crisis, there is less risk as the damage can be contained and minimised.
- Safety: Immediate actions can help minimise risk of anybody getting hurt, or making the staff stressed.
Disadvantages
- Cost: Can be expensive to make plans for an event that never happens.
- Time: Contingency planning takes up lots of time and resource of the company.
- Risk: outdated contingency plans are quite useless.
