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When under crisis, the tendency is to hunker down and hope the problem will fade away. But that’s precisely the mistake. Prompt and credible disclosure, tireless communication and the courage to face tough questions could have earned management goodwill and sympathy.
As challenging as rebuilding the pad from the wreckage and getting the company out a tailspin, salvaging one’s reputation is much tougher. Regaining stakeholders’ trust and support will take work and demonstrated meaningful actions.