How do you deal with a crisis in your business?

In life and in business, nothing is certain. Crises will inevitably happen and it is important you find a way manage these crisis in order to protect your business. Here are three ways of increasing your chances of surviving a crisis. Firstly, prepare your business by doing some scenario planning. Look at the things that could go wrong, and then develop a contingency plan to deal with that situation. Secondly, remember that when a crisis happens in one area of your business, it can easily spread to another. So, create a plan that allows you to isolate any problem area and not allow it to affect your entire business. Finally, communicate any crisis to your employees and investors so they know what is happening. It will help to calm the situation. Ultimately, there is no one formula to dealing with a business crisis, but planning for it will increase your chances of surviving it.