Contingencies

Define

The term contingencies means a future event that cannot be foreseen or predicted for certain. For example, if something is left up to chance or something accidentally happens.

Companies should follow contingency plans to minimize impact on operations.

Assessing a Situation

How to deal with a crisis: Always be monitoring, engage as human beings, focus on essentials, be consistent, open up, acknowledge and empathize.

How NOT to deal with a crisis: Be fake, stay silent, dismiss "internet" chatter, treat as isolated case, ignore critics, or try to cover up.

Steps to handling a crisis

    1. Plan
    2. Own
    3. Monitor
    4. Initiate
    5. Integrate

References

http://www.dictionary.com/browse/contingencies https://www.slideshare.net/investoralist/social-media-contingency