Communicating with Stakeholders in a Crisis

Epstein, Michael J.
October 2003
Financial Executive;Oct2003, Vol. 19 Issue 7, p23
Academic Journal
In this article the author discusses the obligation that a company has towards its stakeholders during a turnaround. The author suggests that the company owes it to the stakeholders to communicate the changes that are taking place as well as informing them how these changes are going to improve the company. The author notes that during these times a company's responsibility also extends to the interests of stakeholders such as banks, bondholders, trade vendors, employees and customers. Management needs to attend to and support all of these parties in order to successfully make a turnaround. The author asserts that the primary way to meet these expectations is through effective communication of their turnaround plan.


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