Guest Column: Anders Fogel: Weather the storm – how to navigate through a crisis

5 December 2024

If the decade of 2020 has taught us anything, it is that the future is always uncertain. We have gone through a global pandemic to a market hype, skyrocketing inflation and interest rates, to war in Europe and the Middle East. Drastically changing economic environments from one year to another which no organisation or management can predict or control.

In our personal lives, we have the privilege to withdraw to a safe place during unsettling times and wait for the storm to pass. As a company however, you are likely to have to step into the public eye and openly address such situations due to its potential effect on your employees, customers, or societal groups.

At Fogel & Partners, we have worked with numerous organisations in a wide range of critical situations. We know, this is not a comfortable position to be in. While each situation is unique, we have learned that with proper preparation and a holistic strategy, you can significantly reduce this discomfort. You might even emerge stronger, with increased level of trust in your organisation and its leadership.

This is how you do it

Preparations

Create a crisis communication team

Identify relevant representatives of your organisation to constitute a task force. Assign areas of responsibility for each member, such as internal actions, reaching out to investors, and media monitoring. This saves you valuable time and will enable you to rapidly gather crucial information and make better decisions.

Think 360

To effectively manage all relevant internal and external stakeholders, define who they are, what information they need, and how prioritised they are on a holistic timeline. Employees, customers, owners, and media all require a different approach due to their various roles and interests.

Establish media relationships proactively

In the event of a crisis, you will benefit from having your own established channels with media contacts to know who is open for dialogue. These can have you better understand the demand for information and be useful to correct any eventual factual errors or misconceptions in external reporting.

In the eye of the storm

Gather your team and assess the situation

The crisis communication team should first comprehend the scope of the situation and its implication, both internally and externally. Gather all the information about the issue available to you and what you can share at this point. This will highlight any information gaps and coordinate your organisation and its actions.

Buy time, but don’t stall

If the need to comment emerges early – internally or externally – clarify that you are in the midst of assessing the situation, which is natural, and that you will respond as soon as you know more. Get back with your response as soon as possible to demonstrate that you are addressing the issue. A prolonged silence can give room for speculations to take hold while the stakeholders await your response.

Elaborate step by step

Once you have comprehended the scope and implications, cautiously expand your response and the information you share. Keep in mind that you still might not be aware of all effects yet and convey that message in your communication.

Prioritise and be transparent

If your situation gains interest from the media, create a priority order of outlets to respond to. Favour those where you reach the most relevant stakeholders. Do not take for granted that media understands your need to coordinate internally before commenting. If you can, roughly explain your process and expected timeline to educate their audience. Media premiers a dialogue even if you have little information to share.

To conclude, the way your company respond to a crisis can either mitigate or exacerbate the damage. By following these steps, your organisation can better navigate a crisis, protect its reputation, and emerge stronger on the other side of the storm.

About Fogel & Partners
A leading Nordic advisory firm in strategic communication. Founded in 2012 with its base in Stockholm, Sweden, Fogel & Partners team have extensive experience in M&A, IPOs, and crisis communication, as well as strategic communication for companies and main owners. Fogel & Partners works on behalf of business leaders and Boards in the areas of Transactions & Special Situations, IR & Capital Market, Strategic Change, Corporate Reputation and Strategic Sustainability & ESG Advisory. Operating in an international environment with both Nordic and global organisations, Fogel & Partners is an Associate Partner of FGS Global, permitting access to 1,200 communication experts in 26 offices worldwide - including New York, London, Frankfurt, Brussels, Berlin, Washington, Los Angeles, Hong Kong, Singapore, and Beijing.