Silicon Valley Bank Collapse Highlights Need for Crisis Management Framework

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While federal intervention seems to have averted the worst-case scenario for #siliconvalleybank depositors, investors have been hit hard, and the economy at large will certainly see longer-term implications.

Whether or not your company was directly impacted, the #svbcollapse serves to remind all business leaders that they need to be able to handle crises effectively. When facing dire challenges in the consulting companies that I built and ran, I have found it helpful to apply the following 5-A framework:

ASSEMBLE a cross-functional crisis management team
ASSESS impacts and available resources
ACKNOWLEDGE that it won't be business as usual, and identify the meaningful steps that you can take
ACT quickly to preserve cash flow and business continuity
ANNOUNCE your response internally, externally, and frequently

Regardless of how the current crisis plays out, it won't be the last one we see, and it highlights the importance of preparedness for businesses of all sizes to confront emergency situations.

Watch the video to learn more about the 5-A framework.

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📰 Check out the corresponding article on our website:
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