For any aspiring leader, going through a crisis is a rite of passage. After all, it’s easy to be a good manager when everything is going well, but your ability as a leader is truly tested when there is a true crisis.
While crisis management may be near the top of a manager’s priority list, it is one of the trickiest areas to navigate. Thus, it’s not surprising that crisis preparation for a company can cost anywhere from $60,000 to $500,000 (depending on the industry and location). In comparison, unprepared companies in a crisis can spend close to millions of dollars on mitigation while at the same time losing hundreds of millions in reputation and shareholder value.