Balanced Scorecard Toolkit for Crisis Management

Performance control during economic crisis is very important anywhere. This is more easily achieved through corporate communications or open communication across all department levels.

With the effects of recession sinking their hooks in the corporate world, it becomes more and more difficult for companies to seek whatever kind of relief that is available to them. This is precisely why it is important for companies to take the initiative themselves and find ways and means to do whatever it takes to stay afloat. The time has definitely come for companies to ensure performance control during economic crisis and one of the effective ways to do this is to implement corporate communications.

To do this, it is a must to define corporate communications first. This endeavor has certainly evolved in form over the years and with this evolution comes significant changes in the form of potentials and objectives. However, what does remain the same is the primary goal of maintaining open communication with stockholders, customers, the media, and even the employees of the enterprise. The great thing about corporate communications today is the fact that there are so many available tools in the market today. Thus, it would be so much easier to maintain performance control through this tool, right? Well, yes and no.

Yes, it makes thing easier because now, you can better reach out to your target audiences through the many communication mediums – blogs, web portals, RSS feeds, emails, and even podcasts. What makes it hard though is the search for the appropriate medium. Choosing the best medium demands comprehension of all aspects involved – including employees and situations. Effective handling of this economic crisis thereby requires not just the perfect medium but the perfect people as well – handled by equally perfect executives and managers.

But why corporate communications? Why shouldn’t the company just exhaust their efforts into something that could be more worth their while? This is because when information is not clear within the company – amongst employees and stockholders – then this basically opens Pandora’s Box. Employees and even stockholders might choose to desert the enterprise. Customers, on the other hand, would definitely switch to a more reliable and credible company. The media would then capitalize on this, airing rumors and false stories just to stir up some profit on their end. The government would then implement stricter rules, making it all the more difficult for the enterprise to stay afloat. With all these bound to happen, you yourself can say that corporate communications is a very important aspect in performance control during this crisis, right?

Economic crises would affect, first and foremost, the employees and the stockholders. It is understandable for employees to worry about the safety of the jobs they are holding. If the enterprise is not able to assure job safety to their employees, then this could result to high attrition, low morale, as well as less productivity. Also, if information is timely communicated to employees, this could be good for the company because the employees can very well be the strong base of the company, thereby giving a positive image. Stockholders, on the other hand, could easily sell off their stocks. Good for you if only one or two stockholders would leave the company – but what if this is done in larger numbers? This could then affect not just the present of the company, but definitely the future.

Performance control during economic crisis could definitely be achieved through corporate communications. This is then an option you should consider and prioritize.