Crisis Management: Exploring Crisis Types and Solutions for Business

This report delves into the realm of crisis management, examining various types of crises that can impact a business. It identifies financial, personnel, organizational, technological, and natural crises, providing a comprehensive understanding of each. The report emphasizes the importance of proactive measures and offers specific strategies for managing each crisis type. For financial crises, it suggests exploring new revenue streams; for personnel crises, it advocates for disciplinary actions; for organizational crises, it recommends addressing employee conduct; for technological crises, it emphasizes IT solutions; and for natural crises, it stresses preparedness and resilience. The report underscores the need for businesses to be prepared and adaptable to navigate unexpected challenges effectively, ensuring business continuity and stability. The report also cites several academic sources to support the content.

Crisis Management

Crisis scenarios
• Financial Crisis- this is the crisis situation that shares a complete
relation with the revenue system .
• Personnel crisis- this is where any individual belonging to the
company is a part of an unethical activity.
• Organizational crisis- this is where organizational activities become
the major reason behind the crisis that exists (Williams et al., 2017).
• Technological crisis- this is a situation where the technology
relatively crashes leading to a halt among the business practices.
• Natural crisis- this situation arises from the potential natural calamity
having an effect upon the business organization in a physical way
(Bundy et al., 2017).

Crisis Contingencies
The following contingencies can be utilized for the crises that have
been mentioned.
• Financial crisis- in this situation the company needs to look for newer
methods of revenue generation.
• Personnel crisis- here in the organization needs to take some
disciplinary action.
• Organizational crisis- here the employee needs to be removed who
pays no heed towards the customer needs (Eriksson, 2017).
• Technological crisis- this is where the organization needs to consult
the IT employee and resolve the issue to get back on track.
• Natural crisis- the company needs to be resistive against such
naturally occurring calamities.

References
• Bundy, J., Pfarrer, M. D., Short, C. E., & Coombs, W. T. (2017). Crises
and crisis management: Integration, interpretation, and research
development. Journal of Management, 43(6), 1661-1692.
• Eriksson, J. (2017). Threat Politics: New Perspectives on Security, Risk
and Crisis Management: New Perspectives on Security, Risk and
Crisis Management. Routledge.
• Williams, T. A., Gruber, D. A., Sutcliffe, K. M., Shepherd, D. A., & Zhao,
E. Y. (2017). Organizational response to adversity: Fusing crisis
management and resilience research streams. Academy of
Management Annals, 11(2), 733-769.