Have you ever considered how you would handle a cyber attack, questions about the liquidity of your operations, a loyal staff member committing fraud or ripping you or your investors off, or even an illicit affair that goes wrong between staff members?

The big wide world of openness is here – whether it be social media posts or the 24-hour news cycle – and positive or negative news spreads faster than school drop-off gossip these days.

You may think you have a fantastic team around you, but there are times when your most trusted could also be doing unethical, unusual or illegal things behind your back.

We’ve all heard stories of the chief financial officers who’ve raided their professional services firms’ accounts. Sexual harassment is being called out across the globe and it is surprising how often it has happened in workplaces near and far.

Do you regularly monitor your social media business accounts for disgruntled comments? You need to know if a former staff member is unhappy and posting about your business, or someone posts negative reviews about your b’n’b or cafe.

Many organisational leaders, whether they run a small, medium or large business, are unprepared to deal with potential crises and unsure what to say if the media or shareholders come knocking.

Many lack the confidence to front the media, address their staff or let shareholders know what’s going on, fearing they may be misinterpreted. They may be worried about how they look or that they’ll say the wrong thing.

If you’re not prepared, handling a crisis can go awfully awry.

As businesses – other than retail and hospitality – head into a quieter period, now is the perfect time to spend a few days considering how you would deal with a crisis, who you would want in the bunker with you, how you would react to certain situations and what message you would share with staff and the community.

Have you thought about whether you would suspend a staff member suspected of doing the wrong thing? Are you going to call in forensic accountants? Who do you need to notify, especially if you’re a listed company?

You might consider whether you inform staff immediately and then put out a statement, or just wait for the media to come knocking – hoping they won’t. Chances are they will.

Just don’t run from cameras.

We don’t want you to distrust your colleagues but making sure you watch your own back is essential. Once you’ve covered the possibilities, it might even be a good time to brainstorm the ways you can promote your business if you have a new product or you’re involved in a social venture.

It doesn’t take much to turn a negative planning session into a positive.

That’s why Business SA is running regular Crisis the New Normal courses for management. We don’t think you can ever be too prepared.

This article was originally published in the South Australian Business Journal on Tuesday 4 December 2018.

Verity Edwards is Business SA's Director of Media and Communications.