No business is immune to a crisis, but some recover better than others by avoiding these business mistakes.
Throughout the course of any technology business–from start-ups to established businesses–periodically, crisis hits. These crises could be related to finances, a key employee leaving, industry changes, and so on. There are three mistakes that most often affect a company’s ability to cope with and recover from a crisis.
Mistake #1 – Dissemination of Information
When things go south, there are often two information-related mistakes management makes. First, they ignore sharing information with employees, which churns the rumor mill. In many cases, the rumors that come about are far worse than reality and can lead to poor decision-making further down in the business structure. It is incredibly important to share information as quickly as possible, even if that is simply to state that you have no further information.
Second, when management does decide to tell employees what is going on, they often do not have a . . . . click here for full story