No quick fix for corporate crises

Companies tend to need three years to recover from a major crisis, according to Burson-Marsteller research.

The agency asked 685 influential business figures in 65 countries how long it would take their firm to rebuild its reputation.

B-M is currently advising Cadbury over its product recall after a salmonella scare (PRWeek, 30 June). Cadbury said this week it expects the scare to cost the company around £20m.

Executives polled by B-M said quickly disclosing details of a scandal or corporate blunder should be management's priority during crises.

‘Managing a corporate crisis is a complex process these days,' said B-M crisis and issues management MD Geoffrey Hyde.

‘Firms need to issue an apology, but they also need to communicate how they are fixing the problem.'

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