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.'

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in